PGIM Buys a Tax-Focused ETF Strategist
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Wednesday, October 20, 2021

PGIM Buys a Tax-Focused ETF Strategist

An insurer's asset manager's retail arm is buying a Gotham SMA shop and ETF strategist that specializes in tax-loss harvesting.

Stuart Parker
PGIM Investments
President, CEO
Yesterday, Stuart Parker, president and CEO of PGIM Investments [profile] (part of Prudential Financial, Inc.'s PGIM, Inc.), and Robert Holderith, CEO of Green Harvest Asset Management LLC, confirmed that Newark, New Jersey-based PGIM Investments has agreed to buy New York City-based Green Harvest. Pricing and terms of the deal, which will close by the end of 2021, were not publicly disclosed.

Berkshire Global Advisors advised Green Harvest on the deal.

The PGIM Investments-Green Harvest deal comes four years after the initial launch of Green Harvest and two years after multi-boutique Resolute Investment Managers agreed to buy a minority stake in Green Harvest. Per Green Harvest's most recent form ADV, filed in March 2021, Resolute holds a stake of between 25 and 49 percent, as does Holderith, while Green Harvest President Brian Jacobs holds between five and nine percent.

Green Harvest has seven employees (not including clerical staff), according to its form ADV, and $346 million in AUM. (It had $40.5 million in AUM and $116 million in AUA when the Resolute deal was unveiled back in 2019.) PGIM had about $1.5 trillion in AUM as of June 30, 2021.

"This acquisition underscores our commitment to meeting the evolving needs of our clients," Parker states, putting the deal in the context of markets being "near all-time highs" and of possible future tax increases.

"We see tremendous value in combining Green Harvest's capabilities with the strength and stability of PGIM Investments," Holderith states.

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