PGIM, Prudential Financial’s investment management unit, said Tuesday that it’s lowering the fees on its target-date funds and collective investment trusts.
The target-date series, the Prudential Day One Funds, has been renamed the PGIM Target Date Funds, and the funds’ net expense ratio will be cut to 0.25% from 0.40%.
The expense ratio on the institutional share class of PGIM’s collective investment trusts will drop to 0.19% from 0.34%.
PGIM also announced that it will adjust the funds’ underlying investments by replacing some actively managed equity strategies with passively managed strategies. The glide path and investment objective of the target-date series won’t change, the fund company said.
New chief executive Rich Steinmeier replaced Dan Arnold on October 1.
The global firm is navigating a crisis of confidence as an SEC and DOJ probe into its Western Asset Management business sparked a historic $37B exodus.
Beyond returns, asset managers have to elevate their relationship with digital applications and a multichannel strategy, says JD Power.
New survey finds varied levels of loyalty to advisors by generation.
Busy day for results, key data give markets concerns.
A great man died recently, but this did not make headlines. In fact, it barely even made the news. Maybe it’s because many have already mourned the departure of his greatest legacy: the 60/40 portfolio.
Discover the award-winning strategies behind Destiny Wealth Partners' client-centric approach.
