Advanced Series Trust's board of trustees approved a series of subadviser changes related to its Advanced Strategies Portfolio, according to an SEC Form 497 filed Sept. 26.
AST is an affiliate of Prudential Financial.
Specifically, subadvisers Massachusetts Financial Services Co., Pacific Investment Management Co., T. Rowe Price Associates and William Blair Investment Management will be replaced by Jennison Associates; PGIM Real Estate, a business unit of PGIM Inc.; and J.P. Morgan Investment Management.
PGIM Quantitative Solutions, PGIM Fixed Income, PGIM Ltd., and LSV Asset Management remain as subadvisers to the portfolio.
Jennison will charge fees of 0.35% of average daily net assets up to $100 million; 0.3% of the next $100 million of average daily net assets; 0.275% of the next $300 million; 0.25% of the next $2.5 billion; 0.23% of average daily net assets more than $3 billion.
PGIM Real Estate's fees will amount to 0.38% of average daily net assets.
JPMAM will charge 0.2% of average daily net assets up to $500 million; 0.18% of the next $500 million of average daily net assets; and 0.17% of average daily net assets more than $1 billion.
The changes are expected to be completed by Dec. 11.
According to its latest semiannual report, the Advanced Strategies Portfolio had net assets of about $6.1 billion as of June 30.
MFS, T. Rowe and William Blair all declined to comment.
PGIM could not be reached for further details.
