Prudential Investments named a new president. Stuart Parker succeeded Judy Rice in the position. Rice has assumed the role of chairman of the company until her retirement at the end of 2012. Prudential Investments is the mutual fund and wealth management business of Prudential Financial Inc.
Parker joined Jennison Associates LLC in 2005. He has served dual roles as head of retail distribution for Jennison Associates, an asset management business of Prudential Financial, and head of mutual fund distribution for Prudential Investments. He has worked closely with Rice to build a robust third-party distribution platform. The changes were effective Jan. 1.
"Prudential Investments has become a formidable player in the mutual fund industry under Judy's leadership, and I'm confident that through Stuart's experience and leadership, we will continue to build on that success," says David Hunt, chief executive officer of Prudential Investment Management.
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The business has seen tremendous growth under Rice's eight years as president, the company says. In terms of net flows, Prudential Investments ranked 575th at the end of 2008, and moved up to 17th as of November 2011. Gross annual sales have grown from just $1.5 billion in 2004 to more than $14.6 billion through the end of September 2011.
Parker earned a bachelor's degree in history from Rollins College in Florida and an MBA from Thunderbird, The American Graduate School of International Management, in Arizona. He is a board member of the Money Management Institute.
Prudential Investments comprises three units: Prudential Mutual Funds, Wealth Management Solutions and Strategic Investment Research Group. Prudential Financial, Inc. has $871 billion of assets under management as of Sept. 30, 2011 and has operations in the United States, Asia, Europe and Latin America.
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