Prudential Investment Management is getting a new name.
The Newark, N.J.-based investment management business of Prudential Financial Inc. plans to change its name to PGIM Inc., effective Jan. 4. The name is being changed to reflect the firm expanding its global offerings and strategies.
“Our business outside the U.S. has been growing extremely rapidly. We wanted to have a single global name that we could use around the world,” said David Hunt, CEO of Prudential Investment Management, in a phone interview.
Mr. Hunt added that PGIM will be used to replace the two names the firm currently uses — Prudential and Pramerica.
Beginning in January, Prudential Fixed Income will use PGIM in markets outside the U.S. where it currently uses the name Pramerica; Prudential Mortgage Capital Co. will be renamed PGIM Real Estate Finance globally in mid-2016; and Prudential Real Estate Investors will be renamed PGIM Real Estate globally in mid-2016.
In addition to the name change, Prudential Investment Management also moved into new headquarters over the summer — a 20-story LEED-certified building in Newark two blocks from Prudential's global corporate headquarters.
Prudential Investment Management has $947 billion in assets under management.