Prudential Financial’s giant Pramerica fixed income business signs up to PRI

$543bn firm sees alignment with its clients’ objectives

Pramerica, the giant global fixed income arm of US-based Prudential Financial, has signed up to the United Nations-supported Principles for Responsible Investment.

Pramerica has $543bn (€479.9bn) in assets under management and its head, James Sullivan said: “We believe signing the Principles for Responsible Investment further aligns us with our clients’ investment objectives.”

He went on: “Strong investment performance increasingly involves a framework in which to evaluate critical environmental, social, and governance issues.”

The firm’s clients include seven sovereign wealth funds (SWFs) and central banks, 22 of the 100 largest global pension funds and over 30% of the 100 largest US pension funds, it says on its website.Newark, new Jersey-based Pramerica began managing fixed income portfolios for its own accounts in 1875, opening up to institutional clients in 1928.

Pramerica joins a list of 1,357 signatories, including 884 asset managers, with a combined AUM of around $45trn. The firm focuses on credit strategies and long-duration liability-driven investing (LDI). It has portfolio management and research teams in Newark, London, Singapore and Tokyo.

Pramerica is part of New York Stock Exchange-listed Prudential, which has over $1trn under management. Other new signatories include Abbott Capital Management, Canada’s University of Victoria Foundation and Park Street Capital. Link