Prudential Funds Changing to PGIM
In what appears to be yet another branding disaster, a press release entitled, "PGIM Investments Renames Fund Family to PGIM Funds tells us, "PGIM Investments announced today that it will be renaming its domestic fund platform to PGIM Funds. Effective on June 11, 2018, retail domestic fund names will no longer include "Prudential" and will be branded "PGIM." Renaming the funds more closely aligns them to the firm, which was renamed PGIM Investments in April 2017. PGIM Investments is the global retail manufacturer and distributor of PGIM Inc., the $1 trillion global investment management businesses of Prudential Financial, Inc. -- a top 10 asset manager globally. This name change will not affect the management, symbols or CUSIPS of the funds on the platform.... Renaming the retail domestic funds allows PGIM Investments to provide its entire global product suite under one, unified name, as the firm's international UCITS platform already carries the PGIM name. PGIM Investments has launched nearly 40 new funds in the U.S. within the last five years, for a total of 75 funds, and ranks among the five fastest organically growing mutual fund firms in the U.S., according to Simfund. Outside of the U.S., the company began building a UCITS platform in 2013 and has expanded its initial line-up to 26 funds as of December 31, 2017." Prudential/PGIM is the 22nd largest manager of money market funds with $15.3 billion, including: the $386 million Prudential Government MMF A (PBMXX) and the $14.8 billion internal Prudential Inst Money Market Fund (PRU01).
