Prudential Newsroom: News

Thelonious Monk Institute Presents Newark’s Top High School Musicians in Concert with Jazz Greats Jon Faddis and Tim Green, June 21 at NJPAC’s Center for Arts Education

Tue, 18 Jun 2013 12:00:00 EST

WASHINGTON, June 18, 2013 - The Thelonious Monk Institute of Jazz, in conjunction with Newark Public Schools, will present high school jazz combos from Arts High, Barringer, East Side, and Science Park in concert with internationally acclaimed jazz artists Jon Faddis and Tim Green on June 21 at Newark’s Horizon Theater located in NJPAC’s Center for Arts Education. The free concert, featuring three generations of jazz artists, is made possible by The Prudential Foundation, which funds the Institute’s year-round jazz education programs at the four

Low interest rates pose risk to those who don’t protect retirement income

Tue, 18 Jun 2013 10:00:00 EST

NEWARK, N.J. – Americans who do not protect their retirement income are at risk of having their retirement prospects eroded by prolonged periods of low interest rates, according to a new paper by Prudential Financial, Inc. (NYSE:PRU).

Prudential Financial 2013 New York Investor Day presentation materials and live webcast available

Tue, 18 Jun 2013 08:00:00 EST

NEWARK, N.J., June 18, 2013 - Presentation materials for the Prudential Financial, Inc. (NYSE: PRU) New York conference for institutional investors and analysts, commencing today at 8:30 am, are available at Prudential's Investor Relations web site, www.investor.prudential.com.

MPREI signs agreement with TDIC to acquire first phase of Saadiyat Beach Residences on Abu Dhabi’s Saadiyat Island

Mon, 17 Jun 2013 09:00:00 EST

ABU DHABI, United Arab Emirates, June 17, 2013 - Mubadala Pramerica Real Estate Investors (MPREI) signed an agreement with Tourism Development & Investment Company (TDIC) of Abu Dhabi for the acquisition of Phase One of Saadiyat Beach Residences.

Lori Dickerson Fouché joins Prudential Group Insurance as president and chief operating officer

Mon, 17 Jun 2013 00:00:00 EST

NEWARK, N.J., June 17, 2013 - Lori Dickerson Fouché has joined Prudential Financial, Inc. (NYSE:PRU) in the new role of president and chief operating officer of Prudential’s Group Insurance business. In this role, Fouché will have overall responsibility for the life, disability and voluntary product offerings, sales and account management, as well as service delivery and marketing. She will report to Stephen Pelletier, who has headed the business since 2012 as president and will become CEO, Prudential Group Insurance.

Prudential Financial promotes Susan Blount to executive vice president

Tue, 11 Jun 2013 17:00:00 EST

NEWARK, N.J., June 11, 2013 - Prudential Financial, Inc. (NYSE:PRU) announced today that it has promoted Susan Blount to executive vice president. In this role, she will continue to oversee the company’s Law, Compliance, Business Ethics and External Affairs departments. Blount has served as senior vice president and general counsel at Prudential since 2005. In 2012, she was appointed to the company’s Office of the Chairman group.

Prudential’s Board of Directors authorizes share repurchases

Tue, 11 Jun 2013 16:00:00 EST

NEWARK, N.J., June 11, 2013 - Prudential Financial, Inc. (NYSE: PRU) today announced that its Board of Directors has authorized the repurchase of up to $1.0 billion of its outstanding Common Stock during the period from July 1, 2013 through June 30, 2014.

PREI® adds Michael Gallagher as portfolio manager on REITS strategies

Mon, 10 Jun 2013 13:00:00 EST

MADISON, N.J., June 10, 2013 - Prudential Real Estate Investors has added Michael Gallagher as a director and portfolio manager to its global real estate securities team, the company announced today. He has also been added as a manager on the Prudential Global Real Estate Fund (Class A: PURAX). PREI® is the real estate investment management and advisory business of Prudential Financial, Inc. (NYSE: PRU).

Prudential Financial to hold 2013 Financial Strength Symposium for fixed income analysts and investors; live webcast available

Fri, 07 Jun 2013 10:15:00 EST

NEWARK, N.J., June 07, 2013 - Prudential Financial, Inc. (NYSE:PRU) will hold a symposium for fixed income analysts and investors in New York on Tuesday, June 18, 2013. On that date beginning at 1:00 p.m., the general public is invited to access a live webcast and presentation materials on the Investor Relations website at www.investor.prudential.com. A replay of the webcast will be available through July 2, 2013.

Prudential Financial to hold 2013 New York Investor Day; live webcast available

Thu, 06 Jun 2013 16:00:00 EST

NEWARK, N.J., June 06, 2013 - Prudential Financial, Inc. (NYSE:PRU) will hold its New York conference for institutional investors and analysts on Tuesday, June 18, 2013. On that date beginning at 8:30 a.m., the general public is invited to access a live webcast and presentation materials on the Investor Relations website at www.investor.prudential.com. A replay of the webcast will be available through July 2, 2013.

Prudential Offices in Minnesota Earn “Beyond the Yellow Ribbon” Proclamation

Thu, 06 Jun 2013 14:00:00 EST

June 06, 2013 - Prudential Financial, Inc. (NYSE: PRU), a financial services leader, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/

Prudential Fixed Income adds Japan business to global platform

Thu, 06 Jun 2013 09:00:00 EST

NEWARK, N.J., June 06, 2013 - Prudential Fixed Income today announced that Prudential Investment Management Japan Co., Ltd has become part of its global organization.

Prudential Mortgage Capital provides $73 million in financing for Hines’ purchase of London office building

Wed, 05 Jun 2013 10:00:00 EST

LONDON, June 05, 2013 - Prudential Mortgage Capital Company has provided $73 million in financing for Hines Global REIT’s recent purchase of One Westferry Circus, a Canary Wharf office property. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU). The loan is secured by One Westferry Circus, an eight-story, 219,000 square-foot mid-rise office property in Canary Wharf built in 1992 by Olympia & York.

QMA’s Ed Keon: “Turbulent Teens” continue with potential for rapid growth in U.S. GDP

Tue, 04 Jun 2013 09:00:00 EST

NEWARK, N.J., June 04, 2013 - The United States could see much more robust economic growth than the consensus of market analysts expects, with the potential for more than five percent in real gross domestic product growth sometime in 2014, says Ed Keon, managing director and portfolio manager for Quantitative Management Associates, in his most recent perspective report.

Statement from Prudential Financial, Inc. regarding proposed non-bank SIFI designation

Mon, 03 Jun 2013 19:00:00 EST

NEWARK, N.J., June 03, 2013 - Prudential Financial, Inc. (NYSE: PRU) has received notice of a proposed determination by the Financial Stability Oversight Council (FSOC) that the Company should be subject to stricter prudential regulatory standards and supervision by the Board of Governors of the Federal Reserve System as a “Covered Company,” pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Company currently is evaluating whether to request a nonpublic evidentiary hearing before the Council to contest the proposed determination, as it is entitled to do under the applicable regulations.

New Prudential Retirement research reveals insights to increasing employees’ commitment to retirement savings

Thu, 30 May 2013 10:00:00 EST

NEWARK, N.J., May 30, 2013 - Employers are concerned about their employees’ willingness to increase savings and readiness to retire with certainty and security. Prudential Retirement’s new research, Turning Employees into Lifetime Savers, provides insight based on the principles of behavioral science to help employers motivate their workers to take charge of their financial futures. Prudential Retirement is a business unit of Prudential Financial, Inc. (NYSE: PRU).

Prudential Mortgage Capital Company provides $160.4 million in financing for New York apartment buildings

Tue, 28 May 2013 11:00:00 EST

NEW YORK, May 28, 2013 - Prudential Mortgage Capital Company provided $160.4 million in acquisition financing for two apartment towers in the Riverside South neighborhood of Manhattan’s Upper West Side, the company announced today. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU).

Prudential listed as a Best for Vets Employer by Military Times

Fri, 24 May 2013 11:00:00 EST

NEWARK, N.J., May 24, 2013 - Prudential Financial, Inc. (NYSE: PRU) announced today that it has been recognized by Military Times as a “Best for Vets Employer” for its commitment to providing job training and opportunities for veterans and support for military personnel on reserve duty.

New Prudential study shows African Americans’ wealth building weakened by competing financial priorities, lagging investment product ownership

Tue, 21 May 2013 12:00:00 EST

NEWARK, N.J., May 21, 2013 - Prudential Financial, Inc. (NYSE:PRU) today revealed the results of its 2013-2014 “African American Financial Experience” study, which found that competing priorities and fewer investment products constrict African Americans’ ability to build a legacy of wealth. The biennial study also found that the African American community remains optimistic and continues to demonstrate financial progress, confidence and growing affluence, despite mounting debt and little contact with the financial services industry.

California plan re-commits to Prudential

Mon, 20 May 2013 10:00:00 EST

NEWARK, N.J., May 20, 2013 - Prudential Retirement announced today that Alameda County, a government plan client for more than 20 years, has recommitted their retirement plan to Prudential Retirement. Prudential Retirement is a business unit of Prudential Financial, Inc. (NYSE: PRU).

Prudential Financial again ranks among the top 10 on DiversityInc Top 50 Companies for Diversity

Mon, 20 May 2013 10:00:00 EST

NEWARK, N.J., May 20, 2013 - For the second consecutive year, Prudential Financial, Inc. [NYSE: PRU] earned a top 10 spot on DiversityInc’s Top 50 Companies for Diversity list, this year moving from No. 9 to No. 8. Prudential has ranked on the list every year since its inception in 2001.

Prudential Financial Declares Quarterly Dividend on Common Stock

Tue, 14 May 2013 16:00:00 EST

NEWARK, N.J., May 14, 2013 - Prudential Financial, Inc. (NYSE: PRU) announced today the declaration of a quarterly dividend of $0.40 per share of Common Stock, payable on June 20, 2013, to shareholders of record at the close of business on May 29, 2013.

Prudential Fixed Income to manage €300 million CLO

Mon, 13 May 2013 13:30:00 EST

NEWARK, N.J., May 13, 2013 - Prudential Fixed Income has been appointed collateral manager for the recently closed Dryden XXVII Euro CLO 2013 BV, the company announced. Prudential Fixed Income is the principal fixed income business of Prudential Financial, Inc. (NYSE: PRU), which is headquartered in the US.

Prudential names Bruce Karpati chief compliance officer for its mutual fund business

Thu, 09 May 2013 12:00:00 EST

NEWARK, N.J., May 09, 2013-Bruce Karpati, the former national chief enforcement officer of the SEC's asset management unit, has been named chief compliance officer for Prudential Investments, the mutual fund manufacturing and distribution business of Prudential Financial, Inc. (NYSE: PRU), the company announced today. In addition to leading compliance for Prudential’s registered investment advisory company, he also serves as the chief compliance officer for its mutual funds boards.

Prudential Financial to redeem 9.0% Junior Subordinated Notes due 2068

Tue, 07 May 2013 16:00:00 EST

NEWARK, N.J, May 07, 2013 - Prudential Financial, Inc. (NYSE: PRU) today announced that it will redeem all of its outstanding 9.0% Junior Subordinated Notes due 2068 (CUSIP/ISIN No. 744320508/ US7443205080) (NYSE: PHR) (the "Junior Notes") on June 15, 2013 (the "Redemption Date"). On the Redemption Date, a redemption price equal to 100% of the outstanding principal amount of the Junior Notes, or $25 per each $25 note, will be payable by Prudential Financial to the holders of record as of June 15, 2013. As of May 7, 2013, $920,000,000 aggregate principal amount of Junior Notes were outstanding.

Prudential Retirement partners with Wells Fargo to offer guaranteed lifetime income solution

Tue, 07 May 2013 10:00:00 EST

NEWARK, N.J., May 07, 2013 - Prudential Retirement and Wells Fargo announced that Wells Fargo will make Prudential Retirement Insurance and Annuity Company’s guaranteed lifetime income solution, Prudential IncomeFlex^® Target (Prudential IncomeFlex^®) , available to their more than 3,000 defined contribution retirement plans, covering more than three million plan participants. Prudential Retirement is a business unit of Prudential Financial, Inc. (NYSE: PRU).

Architecture for Humanity to open MakiBiz in Ishinomaki City

Tue, 07 May 2013 10:00:00 EST

ISHINOMAKI CITY, Japan, May 07, 2013 - Architecture for Humanity, an international non-profit organization specializing in rebuilding areas damaged by natural disasters, announced today that it has opened a business development center in Ishinomaki City, which was devastated by the East Japan Great Earthquake and Tsunami in March 2011.

America’s Top 10 Youth Volunteers Named in 18th Annual Prudential Spirit of Community Awards

Mon, 06 May 2013 14:00:00 EST

WASHINGTON, May 06, 2013 - Ten middle level and high school students from across the country were named America’s top youth volunteers of 2013 today by The Prudential Spirit of Community Awards during the program’s 18th annual national award ceremony at the U.S. Chamber of Commerce.

Prudential Financial, Inc. Announces First Quarter 2013 Results

Wed, 01 May 2013 16:00:00 EST

NEWARK, N.J., May 01, 2013 - Prudential Financial, Inc. (NYSE:PRU) today reported after-tax adjusted operating income for its Financial Services Businesses of $1.079 billion ($2.28 per Common share) for the first quarter of 2013, compared to $765 million ($1.61 per Common share) for the year-ago quarter. The net loss for the Financial Services Businesses attributable to Prudential Financial, Inc. was $721 million ($1.55 per Common share) for the first quarter of 2013, compared to a net loss of $960 million ($2.03 per Common share) for the year-ago quarter. Information regarding adjusted operating income, a non-GAAP measure, is provided below.

Reminder: Prudential Financial To Announce First Quarter 2013 Earnings; Schedules Conference Call

Mon, 29 Apr 2013 14:00:00 EST

NEWARK, N.J., April 29, 2013 - As previously announced, Prudential Financial, Inc. (NYSE:PRU) will release its first quarter 2013 earnings on Wednesday, May 1, 2013, after the market closes. The earnings news release, financial supplement and related materials will be posted on the company's Investor Relations Web site at: http://www.investor.prudential.com.

Prudential Annuities adds six funds to Highest Daily investment platform

Mon, 29 Apr 2013 09:00:00 EST

NEWARK, N.J., April 29, 2013 – Prudential Annuities, the domestic annuity business for Prudential Financial, Inc. (NYSE:PRU), today announced the addition of six new asset allocation portfolios from leading money managers to its Highest Daily^® variable annuity investment platform.

Caroline Faulkner named head of Pramerica Systems Ireland

Mon, 29 Apr 2013 09:00:00 EST

LETTERKENNY, Co. Donegal, Ireland, April 29, 2013 - Caroline Faulkner has been named senior managing director and head of Pramerica Systems Ireland Limited, a software and contact centre subsidiary of U.S.-based Prudential Financial, Inc. (PFI) (NYSE:PRU) that provides technology and operations services for PFI businesses in the United States.

Prudential seminar urges minority professionals to consider careers in ethics and compliance

Thu, 25 Apr 2013 13:00:00 EST

NEWARK, N.J., April 25, 2013 - The Law, Compliance, Business Ethics & External Affairs Department at Prudential Financial, Inc. (NYSE:PRU) recently hosted a diversity event to encourage minority lawyers, accountants and other professionals to consider careers in the corporate compliance and business ethics fields.

PREI acquires Miami’s Sabadell Financial Center

Fri, 19 Apr 2013 12:00:00 EST

MIAMI, April 19, 2013 - Prudential Real Estate Investors has acquired Sabadell Financial Center, a 30-story, Class-A office tower in Miami’s Brickell Financial District. PREI®, acting on behalf of institutional investors in its flagship core open-end commingled fund, is the real estate investment management and advisory business of Prudential Financial, Inc. (NYSE: PRU).

Royanne Doi Named Corporate Chief Ethics Officer at Prudential

Tue, 16 Apr 2013 09:00:00 EST

NEWARK, N.J., April 16, 2013 - Prudential Financial, Inc. (NYSE: PRU) announced today that Royanne Doi, chief legal officer at Prudential of Japan (POJ), has been named Prudential's corporate chief ethics officer. Doi will continue to be based in Japan.

Brad Blalock joins Prudential Fixed Income Institutional Consultant Relations

Wed, 10 Apr 2013 14:00:00 EST

NEWARK, N.J., April 10, 2013 - Prudential Fixed Income today announced that Brad Blalock has joined the Institutional Consultant Relations team as a principal. In this role, he is responsible for developing strategic relationships with institutional consultants and building support in this channel for Prudential Fixed Income strategies and capabilities. Prudential Fixed Income, among the largest fixed income managers in the United States, is an asset management business of Prudential Financial, Inc. (NYSE: PRU).

Prudential Mortgage Capital Company closes first commercial real estate loan in the Netherlands

Tue, 02 Apr 2013 06:00:00 EST

LONDON, April 02, 2013 - Prudential Mortgage Capital Company has provided $72 million of a total $91.5 million financing package in the Netherlands, its third commercial real estate loan since launching its European business in 2012 and its first in continental Europe. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU).

Prudential Investments’ closed-end funds offer market outlook conference call

Wed, 27 Mar 2013 16:45:00 EST

NEWARK, N.J., March 27, 2013 - Prudential Short Duration High Yield Fund, Inc. (NYSE: ISD) and Prudential Global Short Duration High Yield Fund, Inc. (NYSE: GHY) are offering investors the replay of a conference call providing market commentary and product updates. The funds are offered by Prudential Investments, the mutual fund business of Prudential Financial, Inc. (NYSE: PRU).

Prudential Financial to announce first quarter 2013 earnings; schedules conference call

Wed, 27 Mar 2013 16:00:00 EST

NEWARK, N.J., March 27, 2013 - Prudential Financial, Inc. (NYSE:PRU) will release its first quarter 2013 earnings on Wednesday, May 1, 2013, after the market closes. The earnings news release and the financial supplement will be posted on the company's Investor Relations Web site at: http://www.investor.prudential.com.

Prudential Huntoon Paige provides $25 million financing for Utah multifamily project

Wed, 27 Mar 2013 12:30:00 EST

SALT LAKE CITY – Prudential Huntoon Paige provided a $25.7 million construction loan insured by the Federal Housing Administration for Residences at Fairbourne, a 225-unit, transit-oriented multifamily project in West Valley City, Utah, near Salt Lake City, the company announced today. Prudential Huntoon Paige is the FHA-insured lending business of Prudential Mortgage Capital Company, the commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU).

Rutgers Institute for Ethical Leadership Awarded $2.6 million from Prudential

Tue, 26 Mar 2013 13:00:00 EST

NEWARK, N.J., March 26, 2013 - Rutgers Institute for Ethical Leadership (IEL) at Rutgers Business School has been awarded a $2.6 million donation from Prudential Financial, Inc. and The Prudential Foundation.

Health Care Reform is Prompting Changes in Employee Benefits

Tue, 26 Mar 2013 09:00:00 EST

NEWARK, N.J., March 26, 2013 - As brokers and employers get ready to meet the benefits challenges posed by health care reform, many American workers have concerns about how the reforms will affect their worksite benefits. According to Health Care Reform: The Waiting Is Over, the third in a series of research briefs based on The Prudential Insurance Company of America’s (Prudential’s) Seventh Annual Study of Employee Benefits: Today & Beyond, nearly half (46%) of employees believe it is likely that the cost of health insurance will increase overall and nearly a third (31%) say it’s likely that fewer employers will offer health insurance coverage.

PREI combines industrial funds; launches publicly-traded Fibra in Mexico

Mon, 25 Mar 2013 15:00:00 EST

MEXICO CITY, March 25, 2013 - Prudential Real Estate Investors-sponsored Terrafina (BMV: TERRA13), has raised MXP8.3 billion (US$665 million) in its initial public offering, PREI® announced today. Terrafina is a Mexican real estate investment trust known as a fideicomiso de bienes raíces, or Fibra. PREI is the real estate investment management and advisory business of Prudential Financial, Inc. (NYSE:PRU). Terrafina offered 295.7 million securities at 28 pesos per share, with the potential to sell an additional up to 44.4 million securities pursuant to a greenshoe option.

Prudential Fixed Income to manage new $420 million CLO

Mon, 25 Mar 2013 13:00:00 EST

NEWARK, N.J., March 25, 2013 - Prudential Fixed Income has been appointed the collateral manager for the recently closed $420 million Dryden XXVI Senior Loan Fund, the company announced today.

2012 MullinTBG/PLANSPONSOR report reaffirms significance of nonqualified deferred compensation plans in helping executives meet retirement savings goals

Mon, 25 Mar 2013 10:00:00 EST

NEWARK, N.J., March 25, 2013 - The seventh annual MullinTBG/PLANSPONSOR Executive Benefits Survey reveals that executives now more than ever need options like nonqualified deferred compensation plans (NQDCPs) to help them achieve their savings goals. Higher tax rates and historically low interest rates present potentially greater challenges for highly compensated employees trying to save for retirement and meet other financial goals, making deferring compensation into a nonqualified plan especially attractive. For example, the survey shows a vast majority of companies (91%) are now offering nonqualified deferred compensation plans (NQDCPs). MullinTBG is a Prudential Financial, Inc. company (NYSE: PRU).

PREI names Morgan Laughlin to lead its Asia-Pacific business

Thu, 21 Mar 2013 14:00:00 EST

TOKYO, March 21, 2013 - Prudential Real Estate Investors has named Morgan Laughlin head of its Asia business, responsible for managing the company’s operations and strategy in the Asia Pacific region. PREI® is the real estate investment management and advisory business of Prudential Financial, Inc. (NYSE).

Prudential Mortgage Capital Company expands Agency Gateway Program

Tue, 19 Mar 2013 14:00:00 EST

CHICAGO, March 19, 2013 - Prudential Mortgage Capital Company today announced the expansion of its Agency Gateway Program for multifamily properties. The company’s decision to expand the program reflects greater demand among property owners for bridge financing until they qualify for longer-term loans from Fannie Mae or Freddie Mac. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU).

Prudential mutual funds honored by Lipper

Mon, 18 Mar 2013 11:00:00 EST

NEWARK, N.J., March 18, 2013 - Three Prudential Investments mutual funds won awards based on 10-year risk-adjusted performance at Lipper’s recent annual mutual fund awards ceremony in New York City. The awards honor mutual funds that have delivered consistently competitive risk-adjusted performance relative to peers. Prudential Investments is the mutual fund family of Prudential Financial Inc. (NYSE: PRU) and offers funds across a range of asset classes and sectors, including equity, fixed income, real estate and specialty securities.

Prudential Retirement expands Pension Risk Transfer team

Mon, 18 Mar 2013 10:00:00 EST

Prudential Retirement, a business unit of Prudential Financial, Inc. (NYSE: PRU), announced today that Rohit Mathur has joined Prudential Retirement’s pension risk transfer (PRT) team in the newly created role of senior vice president, Global Product and Market Solutions.

Prudential Retirement white paper: Stable value a safer and more secure investment option post financial crisis

Tue, 12 Mar 2013 12:00:00 EST

NEWARK, N.J., March 12, 2013 - Prudential Retirement, a business unit of Prudential Financial, Inc. (NYSE:PRU), today released a new white paper, “Assessing Stable Value After 2008: Performing as Designed.”