Prudential Global Asset Management will lay off 13 members of its 25-member Newark, N.J.-based active equity team in combining its public equity money management units under the control of Jennison, said John R. Strangfeld, chairman of Prudential Global. The quantitative equity team will remain intact at the companys Newark headquarters.
Jennison will manage more than $116 billion after the merger.
The 12 remaining members of the team will move into Jennisons New York offices by the end of the year. Two other Prudential equity managers Enhanced Investment Technologies, Palm Beach Gardens, Fla., which manages $6 billion; and Mercator Asset Management, Fort Lauderdale, Fla., which manages $2.9 billion will remain in their respective locations under the oversight of Jennison.