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PGIM Investments announced it will acquire Green Harvest Asset Management, enhancing its platform for high-net-worth investors with customized solutions. Green Harvest specializes in separately managed account strategies utilizing ETFs for optimal after-tax outcomes. This deal, expected to close in Q4 2021, aligns with PGIM's commitment to meeting evolving client needs amidst potential capital gains tax increases. The acquisition is seen as a strategic move to integrate Green Harvest's capabilities into PGIM Investments’ offerings, expanding its investment solutions.
Positive
Acquisition of Green Harvest enhances PGIM's offerings for high-net-worth investors.
Integration of Green Harvest's direct indexing strategies could improve after-tax outcomes for clients.
Expands PGIM Investments’ range of investment solutions and capabilities.
Negative
None.
Firm expands platform to include customized solutions to meet the complex needs of high-net-worth investors
NEWARK, N.J.--(BUSINESS WIRE)--
PGIM Investments announced today that it has entered into an agreement to acquire Green Harvest Asset Management LLC (“Green Harvest”), a separately managed account (SMA) platform providing customized solutions for the complex needs of high-net-worth investors. PGIM, Inc. is the $1.5 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU) — a top-10 investment manager globally.
Stuart Parker, President and CEO, PGIM Investments (Photo: Business Wire)
Green Harvest’s SMA strategies employ a unique approach to direct indexing through the use of exchange-traded funds (ETFs) with the potential to provide clients improved after-tax outcomes.
"With markets near all-time highs and potential tax increases on the horizon, understanding the impact of capital gains taxes and implementing strategies focused on after-tax results are critically important for investors, particularly those in the ultra-high-net-worth category,” said Stuart Parker, president and CEO of PGIM Investments. “This acquisition underscores our commitment to meeting the evolving needs of our clients and we are pleased to welcome Green Harvest on board.”
Subject to customary closing conditions, the deal is expected to close in the fourth quarter of 2021. Upon completion, Green Harvest will join PGIM Investments’ retail platform, expanding the firm’s wide range of investment solutions and capabilities.
“We see tremendous value in combining Green Harvest’s capabilities with the strength and stability of PGIM Investments and look forward to bringing PGIM’s clients personalized solutions to meet their investment objectives,” said Robert Holderith, Green Harvest CEO.
Berkshire Global Advisors served as exclusive financial advisor to Green Harvest in this transaction.
ABOUT GREEN HARVEST ASSET MANAGEMENT
Green Harvest Asset Management LLC was formed in 2017 by a team of seasoned ETF and asset management experts. Based in New York, the firm specializes in creating and managing ETF portfolios seeking to track U.S., global and custom indices while attempting to maximize after-tax returns. The firm partners with wealth advisors to create and deliver the strategy that is best suited for clients’ needs.
ABOUT PGIM INVESTMENTS
PGIM Investments LLC and its affiliates offer more than 100 funds globally across a broad spectrum of asset classes and investment styles. All products draw on PGIM’s globally diversified investment platform that encompasses the expertise of managers across fixed income, equities, alternatives and real estate.
ABOUT PGIM
PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world1 with approximately $1.5 trillion in assets under management as of June 30, 2021. With offices in 16 countries, 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 public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, 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.
1 Prudential Financial, Inc. (PFI) is the 10th-largest investment manager (out of 477) in terms of global AUM based on the Pensions & Investments Top Money Managers list published on May 31, 2021. This ranking represents assets managed by PFI as of Dec. 31, 2020.
What is the purpose of PGIM's acquisition of Green Harvest Asset Management?
The acquisition aims to enhance PGIM's platform with customized solutions tailored for high-net-worth investors, focusing on improved after-tax outcomes.
When is the acquisition of Green Harvest expected to close?
The acquisition is expected to close in the fourth quarter of 2021, subject to customary closing conditions.
How will the acquisition impact PGIM's investment offerings?
The acquisition will expand PGIM Investments’ capabilities, integrating Green Harvest's unique strategies into its existing investment solutions.
What are Green Harvest's investment strategies?
Green Harvest specializes in separately managed accounts using exchange-traded funds (ETFs) that focus on achieving optimal after-tax returns.
Who advised Green Harvest on the acquisition?
Berkshire Global Advisors served as the exclusive financial advisor to Green Harvest in this transaction.
