Prudential Adds Six DCIO Team Members to Support Growth
NEWARK, NJ, January 18, 2017 -- Prudential Investments today announced several new hires as part of a series of growth initiatives in support of its defined contribution investment-only business (DCIO). Prudential Investments, the retail distribution business of PGIM, the global investment management business of Prudential Financial, Inc. (NYSE: PRU), remains among the industry's fastest organically growing fund families, ranking among the top five between 2008 and the third quarter of 2016.[i] The company managed $81 billion in assets under management as of Sept. 30, 2016.[ii]
"Our DCIO business has more than doubled its AUM to $26 billion in the last five years, registering a 23 percent annual growth rate,"[iii] said Stuart Parker, president of Prudential Investments. "We're committed to making investments in product development, marketing and thought leadership. These initiatives -- along with our new team members -- will position us well to continue this growth trajectory in 2017 and beyond."
Prudential Investments in December launched the Prudential Day One Mutual Funds, 12 target date funds available through group retirement plans and financial intermediaries. Until then, the Day One Funds were offered only in collective investment trusts and separate account vehicle structures, having grown by 40 percent to more than $1 billion in assets between Dec. 31, 2014 and May 31, 2015. Prudential Investments recently released its proprietary 2016 Retirement Preparedness Study, which explores the dynamics of retirement readiness in the United States.
The new team members include:
Peter Cavallini, vice president, strategic account manager: Cavallini rejoined Prudential Investments on Jan. 9, 2017, from Lord, Abbett & Co. LLC where he was a director in the DCIO business. His focus will be on the mid-market consulting channel, including 3(21) and 3(38) consultants and providers.
Ashley diMayorca, vice president, product management: diMayorca is responsible for product management and oversight of the Prudential Day One Funds. She brings 12 years of industry consulting experience, most recently as a senior consultant with Portfolio Evaluations, Inc., a $50 billion investment consulting firm, where she concentrated on target date fund research, working with defined contribution retirement plan sponsors.
Brian Metz, vice president, Retirement National Accounts: Metz was recently promoted to the new role, brings investment and retirement expertise from 13 years of industry experience including as a retirement specialist for the DCIO team, and worked in institutional sales before joining Prudential. He will be focused on building and growing relationships with key retirement intermediaries and platforms.
Alexandra Lee, content director, Retirement Product Marketing: Lee joined from BlackRock's U.S. Wealth Advisory Channel Marketing and Strategy team, where she led marketing initiatives for U.S. financial advisors. She will be focused on marketing Prudential investment solutions and retirement programs.
Matthew Jalinos and David Latour, retirement specialists: Janilos, with nine years of industry experience, and Latour, bringing eight as a retirement specialist, will be working with retirement-focused advisors and other retirement intermediaries.
The new hires help support the firm's DCIO business led by Anthony Fiore, senior vice president and national sales manager and Clint Barker, senior vice president and head of national accounts.
About PGIM and Prudential Financial
With 13 consecutive years of positive third-party institutional net flows, PGIM, the global asset management businesses of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world with more than $1 trillion in assets under management as of Sept. 30, 2016[iv]. PGIM's businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including fundamental equity, quantitative equity, public fixed income, private fixed income, real estate and commercial mortgages. Its businesses have offices in 16 countries across five continents.
Prudential's additional businesses offer a variety of products and services, including life insurance, annuities and retirement-related services. For more information about PGIM, please visit https://www.pgim.com. For more information about Prudential, please visit www.news.prudential.com.
[i] Source: Simfund, as of Sept. 30, 2016, among top 50 U.S. mutual fund competitors between 2008 and 3Q2016.
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