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Jennison Associates, a division of PGIM, has appointed Stephen Weiss as Managing Director of Fixed Income Business Development. Jennison, managing $208 billion in assets, aims to leverage Weiss's 25 years of experience in institutional asset management to expand its reach in the fixed income sector. Weiss, based in the Boston office, will report to MacKenzie Hurd, head of Institutional Business Development, and focus on building client relationships. Previously, Weiss held senior roles at SLC Management and Income Research + Management. Jennison's Fixed Income team currently manages nearly $50 billion in assets, catering to major U.S. retirement plans.
SoFi Technologies (NASDAQ: SOFI) announced a $350 million personal loan securitization with PGIM Fixed Income, a Prudential Financial company. This Q1 2024 placement aims to enhance SoFi's lending capabilities.
CEO Anthony Noto highlighted the ongoing demand for SoFi's personal loan sales and emphasized the partnership with PGIM, which boasts extensive experience in asset-based finance lending.
To date, SoFi has sold over $15 billion and securitized $14.5 billion in personal loan collateral, underscoring the high quality of its loan portfolio. PGIM Fixed Income's Managing Director, Edwin Wilches, commended the long-standing partnership, which began with SoFi's student loan origins and has evolved into a multi-channel business.
Metallus (NYSE: MTUS) announced an agreement to purchase a group annuity contract from Prudential to terminate the TimkenSteel Retirement Plan, settling around $121 million of pension obligations. This move impacts about 1,000 plan participants, with Prudential starting benefit payments on August 1, 2024. The transaction involves no cash contribution from Metallus and is expected to reduce its U.S. pension obligation by $124 million, reflecting a 20% reduction. Additionally, Metallus anticipates a $3 million non-cash pension settlement gain in Q2.
PGIM, Prudential Financial's $1.3 trillion investment management business, has published new research highlighting investment opportunities and risks in the evolving global energy landscape. The report, titled 'Fueling the Future: Investing Across the Global Energy Landscape,' emphasizes the growth in power demand driven by AI, middle-class expansion in emerging markets, geopolitical tensions, and the push for decarbonization. It notes that the energy transition won't happen uniformly and cautions against simplistic 'green' vs 'brown' investment strategies. Key investment opportunities include renewable infrastructure, lower-carbon fossil fuels like natural gas, and specific regional markets. On the other hand, speculative technologies and failing to adapt to the evolving energy mix pose risks. The research also points to attractive debt opportunities in mature markets and significant potential in emerging markets such as India and Latin America.
Prudential Financial (NYSE: PRU) announced Andrew Yorks as the new head of Global Investment Strategy, effective July 15. Yorks will develop investment plans, asset-liability management strategies, and assess new investment opportunities for Prudential's general account. He will also monitor portfolio risks and act as the key liaison with PGIM asset management units. Yorks is currently the chief investment officer at Resolution Life U.S., previously holding senior roles at Lincoln Financial Group, BlackRock, and Alliance Capital.
Prudential Financial, Inc. (NYSE: PRU) declared a quarterly dividend of $1.30 per share of Common Stock, payable on June 13, 2024, to shareholders of record at the close of business on May 21, 2024. The company, with approximately $1.5 trillion in assets under management as of March 31, 2024, is a global financial services leader operating in the United States, Asia, Europe, and Latin America.
Prudential Financial, Inc. reported a decrease in net income and adjusted operating income for the first quarter of 2024 compared to the year-ago quarter. The company's book value per Common share and assets under management increased, while capital returned to shareholders also rose. The positive momentum across businesses, strong net flows in PGIM, and sales growth in U.S. and International Businesses were highlighted by the Chairman and CEO. Prudential aims to become a global leader in providing access to investing, insurance, and retirement security.
