NEWARK, N.J., March 5, 2018 – Brian Reid has been elected as an independent director for closed-end mutual funds Prudential Short Duration High Yield Fund, Inc. (NYSE: ISD) and Prudential Global Short Duration High Yield Fund, Inc. (NYSE: GHY) effective March 1. The funds are offered by PGIM Investments, the $100 billion1 global manufacturer and fund distributor of PGIM. PGIM is the $1 trillion global investment management businesses of Prudential Financial, Inc. (NYSE: PRU).
“Mr. Reid’s extensive policy background in the financial markets and the economy will be a great asset to our shareholders as we continue to help them navigate their daily investment challenges,” said Stuart Parker, CEO and president of PGIM Investments.
Reid was the chief economist for the Investment Company Institute before his retirement in 2017. In that role, he oversaw the organization’s statistical collections, economic research and public policy analysis of mutual funds and exchanged-traded funds, fund investors, and financial and retirement markets. Before becoming chief economist in 2005, he was a senior economist and director of industry and financial analysis.
Prior to joining the ICI, Reid was a staff economist at the Federal Reserve Board, conducting economic analysis of banking and monetary policy. He earned a bachelor’s degree in economics with honors from the University of Wisconsin and a doctorate in economics from the University of Michigan.
“We are pleased that Mr. Reid has joined our board of directors, adding his public policy perspective to those of our current board members,” said board Chairman Keith Hartstein. “We believe his insights and industry knowledge will benefit PGIM fund shareholders and enhance the board’s ability to provide oversight of PGIM Investments’ family of funds.”
About PGIM Investments
PGIM Investments offers more than 100 funds across a broad spectrum of asset classes and investment styles, including 75 mutual funds domiciled in the U.S. and 26 UCITS funds domiciled in Ireland. Ireland funds cannot be purchased by U.S. Investors.
Clients can also choose from a variety of investment vehicles such as closed-end funds, managed accounts, and target date funds such as the Prudential Day One Mutual Fund series. All products draw on PGIM’s globally diversified investment platform that encompasses the expertise of managers across fixed income, equities and real estate.
About PGIM and Prudential Financial
With 15 consecutive years of positive third-party institutional net flows, PGIM, the global asset management businesses of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world according to Pensions & Investments’ 2017 Top Money Managers List, with more than $1 trillion in assets under management as of Dec. 31, 2017. 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 fundamental equity, quantitative equity, public fixed income, private fixed income, real estate and commercial mortgages. Its businesses have offices in 16 countries across five continents. For more information, please visit pgim.com.
Prudential’s additional businesses offer a variety of products and services, including life insurance, annuities and retirement-related services. For more information about PGIM, please visit https://www.pgim.com. For more information about Prudential, please visit news.prudential.com.
1AUM as of 12/31/2017. Includes mutual fund and UCITS assets.
Each Fund is a diversified, closed-end management investment company managed by PGIM Investments LLC and sub-advised by PGIM Fixed Income, a business unit of PGIM, Inc., and an affiliate of the investment manager.
An investment in closed-end fund’s common stock may be speculative in that it involves a high degree of risk, should not constitute a complete investment program, and may result in loss of principal. Each closed-end fund will have its own unique investment strategy, risks, charges and expenses that need to be considered before investing.
This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation about managing or investing your retirement savings. Clients seeking information regarding their particular investment needs should contact a financial professional.
The Fund invests in high yield (“junk”) bonds, which are subject to greater credit and market risks; derivative securities, which may carry market, credit, and liquidity risks; foreign securities, which are subject to currency fluctuation and political uncertainty; and emerging markets securities, which are subject to greater volatility and price declines. Fixed income investments are subject to interest rate risk, where their value will decline as interest rates rise. There are fees and expenses involved with investing in the Fund. Diversification does not assure a profit or protect against a loss in declining markets. There is no guarantee that dividends or distributions will be paid.
PGIM Fixed Income is a unit of PGIM, Inc., which is a registered investment advisor and Prudential Financial company. © 2018 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.
Investment products are not insured by the FDIC or any federal government agency, may lose value, and are not a deposit of or guaranteed by any bank or any bank affiliate.