NEWARK, N.J. Prudential has selected four subadvisers for four of its key domestic and international mutual funds.
This is the latest step in the companys strengthening of the management of its equity mutual fund lineup, which began in May 2000. At that time, Jennison Associates, a Prudential company, began assuming responsibility for all of Prudentials active public equity asset management operations.
The new subadvisers are: GE Asset Management Inc. and Salomon Brothers Asset Management Inc. for the Prudential Equity Fund and Prudential Series Fund/Equity Portfolio; Deutsche Asset Management Inc. and Key Asset Management Inc. for the Prudential Value Fund and Prudential Series Fund/Equity Income Portfolio. Jennison is to retain responsibility for half the assets in each fund. Management responsibility for each funds other half, however, will be assigned to three subadvisers.
David Odenath, president of Prudential Investments, said in a statement that the company expects the funds will benefit from the multimanager approach.
The actions have been approved by each funds board of directors, and shareholder approval is expected in early 2001. Prudential expects to continue managing most of its funds in-house under Jennisons direction.