Jennison Associates expands fixed income unit with senior hire

Rhea-AI Summary

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.

Positive

• Jennison Associates has hired an experienced professional, Stephen Weiss, to lead Fixed Income Business Development.
• Stephen Weiss brings over 25 years of experience in institutional asset management.
• Weiss has previously held significant roles, including head of U.S. business development at SLC Management.
• Jennison manages $208 billion in assets, indicating a strong market presence.
• The Fixed Income team manages nearly $50 billion in assets, showcasing robust capabilities in handling large-scale portfolios.

Negative

• The press release does not mention any immediate financial benefits or anticipated revenue from the new hire.
• No specific growth targets or milestones for the Fixed Income Business Development were outlined.
• Potential challenges in integrating a new senior hire into existing team dynamics and strategies were not addressed.

NEW YORK--(BUSINESS WIRE)-- Jennison Associates, the fundamental active equity and fixed income manager of PGIM, the $1.3 trillion¹ global asset management business of Prudential Financial, Inc. (NYSE: PRU), has hired Stephen Weiss as managing director in Fixed Income Business Development. Jennison has $208 billion in assets under management worldwide.²

Stephen Weiss, Managing Director, Fixed Income Business Development, Jennison Associates (Photo: Business Wire)

Based in Jennison’s Boston office, Weiss will report to MacKenzie Hurd, head of Institutional Business Development, and will be responsible for building relationships with Jennison’s fixed income prospects.

Weiss has more than 25 years of experience in institutional asset management, including leading sales, consultant relations, product management and client relationship management efforts across multiple channels and asset classes, both public and private. Most recently, Weiss was head of U.S. business development with SLC Management. Prior to that, he was a senior client portfolio manager at Income Research + Management.

“Jennison’s dedication to its clients and investment performance have resulted in client relationships that span decades,” said Weiss. “I’m excited to help bring the firm’s differentiated investment approach and customized solutions to a wider set of investors.”

Weiss earned a BA in political science from Tufts University and holds an MBA with a concentration in finance from Boston University. He holds the Series 7, 24 and 63 licenses and is a CFA charterholder.

“Stephen’s deep fixed income experience and long-standing relationships are a significant benefit to Jennison,” said Hurd. “We’re thrilled to have him on board.”

Jennison’s Fixed Income team has nearly $50 billion in assets under management and manages investment-grade strategies across the duration spectrum for 15 of the 20 largest retirement plans in the U.S. The team utilizes yield curve management, sector allocation and security selection to drive alpha and competitive investment returns through various market cycles with a focus on downside protection and liquidity.

ABOUT JENNISON ASSOCIATES LLC

Founded in 1969, Jennison Associates offers a range of equity and fixed income investment strategies. Its equity expertise spans styles, geographies and market capitalizations. Its fixed income capability includes investment-grade active and structured strategies of various durations. Original fundamental research, specialized investment teams, strong client focus, and highly experienced investment professionals are among the firm’s competitive distinctions. As of March 31, 2024, Jennison managed $208 billion in client assets.

Jennison is an affiliate manager of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU). For more information, please visit jennison.com.

ABOUT PGIM

PGIM is the global asset management business of Prudential Financial, Inc. (PFI). PFI has a history that dates back over 145 years and through more than 30 market cycles. With 41 offices in 19 different countries (as of March 31, 2024), our more than 1,450 investment professionals are located in key financial centers around the world.

Our firm comprises multi-managers that collaborate with each other and specialize in a particular asset class with a focused investment approach. This gives our clients diversified solutions with global depth and scale across public and private asset classes, including fixed income, equities, real estate, private credit, and other alternatives. As a leading global asset manager with $1.34 trillion in assets under management (as of March 31, 2024), PGIM is built on a foundation of strength, stability and disciplined risk management.

For more information, visit pgim.com.

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.

2024-3589506

^{____________________________
1} As of March 31, 2024.
² As of March 31, 2024.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240521126711/en/

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Leah Pappas

973-856-5709

leah.pappas@pgim.com

Source: Jennison Associates LLC

FAQ

Who has Jennison Associates hired for Fixed Income Business Development?

Jennison Associates has appointed Stephen Weiss as the Managing Director of Fixed Income Business Development.

What is the asset management size of Jennison Associates?

Jennison Associates manages $208 billion in assets worldwide.

What are Stephen Weiss’s qualifications?

Stephen Weiss holds a BA in political science and an MBA with a concentration in finance. He also holds Series 7, 24, and 63 licenses and is a CFA charterholder.

How much does Jennison's Fixed Income team manage?

Jennison's Fixed Income team manages nearly $50 billion in assets.

Who will Stephen Weiss report to at Jennison Associates?

Stephen Weiss will report to MacKenzie Hurd, head of Institutional Business Development.

What was Stephen Weiss’s previous role?

Stephen Weiss was head of U.S. business development with SLC Management before joining Jennison Associates.