Prudential Newsroom: News

Prudential Mortgage Capital Company posts strong originations in 2011

Tue, 07 Feb 2012 10:00:00 EST

NEWARK, N.J., February 07, 2012 - Prudential Mortgage Capital Company originated nearly $9.7 billion in commercial mortgages for 2011, surpassing its 2010 level of $9.1 billion, making it the company’s third largest production year ever. Prudential Mortgage Capital, which is the commercial mortgage lending business of Prudential Financial Inc. (NYSE: PRU), also said it is looking to provide up to $11.6 billion in financing for 2012.

Top Youth Volunteers in Each State Selected in 17th Annual National Awards Program

Tue, 07 Feb 2012 08:00:00 EST

WASHINGTON, February 07, 2012 - America’s 102 most outstanding youth volunteers – two from each state and the District of Columbia – were named State Honorees today by The Prudential Spirit of Community Awards, a nationwide program honoring young people for exemplary acts of volunteerism. The awards program, now in its 17th year, is conducted by Prudential Financial, Inc. in partnership with the National Association of Secondary School Principals (NASSP).

Prudential Financial, Inc. to Participate in the 2012 Credit Suisse Financial Services Forum; Live Webcast Available

Mon, 06 Feb 2012 16:00:00 EST

NEWARK, N.J., February 06, 2012 - Prudential Financial, Inc. (NYSE: PRU) announced today that it will participate in the 2012 Credit Suisse Financial Services Forum in Miami on Friday, February 10, 2012. On that day at approximately 8:45 a.m. (ET) Mark Grier, Prudential Financial, Inc.’s Vice Chairman, will discuss the company’s businesses and strategies.

Prudential Fixed Income closes new $304.8 million CLO

Thu, 02 Feb 2012 09:30:00 EST

NEWARK, N.J., February 02, 2012 - Prudential Fixed Income has closed Dryden XXII, its most recent collateralized loan obligation at $304.8 million, the company said today. Most of Dryden XXII will be owned by third-party investors, unlike many of the transactions the market has seen since the financial crisis in which the manager retains significant portions of equity or debt.

Senior Management, Boards, Finance More Involved in Benefits Decisions

Wed, 01 Feb 2012 09:00:00 EST

NEWARK, N.J., February 01, 2012 - As the benefits decision-making process continues to gain importance in corporate America, there is growing trend of senior management, boards of directors and finance/treasury, as well as human resources increasingly becoming involved in, or making these decisions. A Changing Benefits Landscape, the third in a series of research briefs stemming from Prudential’s Sixth Annual Study of Employee Benefits: Today & Beyond, found that 40% of plan sponsors say the employee benefits decision-making process in their company has changed to some extent over the past five years, demonstrating increased attention to the bottom line impact of benefits.

Prudential Capital Group reaches $10 billion in annual originations

Tue, 31 Jan 2012 13:30:00 EST

CHICAGO, January 31, 2012 - Prudential Capital Group, a source of private capital for middle-market, public and private companies, expects to have more than $10 billion to invest in 2012, after reaching that amount in 2011, the company announced today. The company also announced that it will be opening a new office in Minneapolis, along with a series of executive changes that position its U.S. regional corporate finance platform for expansion.

Prudential Retirement starts year strong with three new plan sponsor clients

Tue, 31 Jan 2012 10:00:00 EST

NEWARK, N.J., January 31, 2012 - Prudential Retirement, a business unit of Prudential Financial, Inc. (NYSE: PRU), today announced three new plan sponsor clients.

Joan Bozek named senior vice president of Prudential Retirement’s Investment Products team

Mon, 30 Jan 2012 13:30:00 EST

NEWARK, N.J., January 30, 2012 - Prudential Retirement, a business unit of Prudential Financial, Inc., announced today the appointment of Joan Bozek as senior vice president, Investment Products effective immediately.

PREI announces leadership changes

Wed, 25 Jan 2012 09:00:00 EST

PARSIPPANY, N.J., January 25, 2012 - Prudential Real Estate Investors today announced several changes to its senior leadership team, including establishing a succession plan for its global chief operating officer, naming a leader for the newly formed global client services team and announcing a new head of its U.S. business.

Prudential offers new benefit to long-term care insurance customers

Mon, 23 Jan 2012 09:00:00 EST

Prudential’s long-term care insurance business is now providing policyholders access to a single, integrated source for objective, high-quality, personalized guidance to support independent living. Designed by Univita Health, the Univita Living® program is based on extensive research and the knowledge of experienced health and long-term care professionals.

Prudential Financial to Host 2012 Tokyo Investor Day

Tue, 17 Jan 2012 16:00:00 EST

NEWARK, N.J., January 17, 2012 - Prudential Financial, Inc. (NYSE:PRU) announced today that it will host a conference for analysts and investors in Tokyo, Japan, on Wednesday, September 12, 2012. Details will be announced closer to the date of the meeting.

Stuart Parker named president of Prudential Investments

Tue, 17 Jan 2012 14:00:00 EST

NEWARK, N.J., January 17, 2012 - Stuart Parker has been named president of Prudential Investments. Parker succeeds Judy Rice, who has assumed the role of chairman of Prudential Investments until her retirement at the end of 2012. Prudential Investments is the mutual fund and wealth management business of Prudential Financial, Inc. (NYSE: PRU).

Prudential Retirement’s Total Retirement Solutions business announces key leadership appointments

Fri, 13 Jan 2012 00:00:00 EST

NEWARK, N.J. – Prudential Retirement, a business unit of Prudential Financial, Inc., announced today the appointment of Sean McLaughlin as vice president, Client Relations & Business Development within its Total Retirement Solutions area effective Feb. 1.

PREI acquires Texas luxury hotel

Wed, 11 Jan 2012 10:00:00 EST

PARSIPPANY, N.J., January 11, 2012 - Prudential Real Estate Investors, in a new joint venture with Lodging Capital Partners, has acquired the Austin Four Seasons, a 291-room luxury hotel located in downtown Austin, Texas. PREI, acting on behalf of institutional investors in its core real estate fund, is the real estate investment management and advisory business of Prudential Financial, Inc. (NYSE: PRU).

Philip Vlieghe joins Prudential Fixed Income client relations team

Wed, 11 Jan 2012 00:00:00 EST

NEWARK, N.J.-January 11, 2012 - Prudential Fixed Income has named Philip Vlieghe a principal, responsible for instituional client sales with its team in London, which operates as Pramerica Fixed Income, the company announced today.

Prudential Retirement’s Stable Value Markets Group Head nominated to industry association board of directors

Tue, 10 Jan 2012 10:00:00 EST

NEWARK, N.J., January 10, 2012 - James King, senior vice president and head of Prudential Retirement’s Stable Value Markets Group, has been elected Chairman of the Board for the Stable Value Investment Association (SVIA). He began his tenure Jan. 1, 2012 with the non-profit industry organization dedicated to educating retirement plan sponsors and participants about the importance of saving for retirement and the contribution stable value funds can make toward achieving retirement security. Prudential Retirement is a business unit of Prudential Financial, Inc. (NYSE: PRU).

Mehdi Mahmud named CEO of Jennison Associates

Tue, 10 Jan 2012 10:00:00 EST

NEW YORK, January 10, 2012 - Mehdi Mahmud has been named chief executive officer of Jennison Associates LLC, the company announced today. Dennis Kass, who has served as chairman and CEO since 2003, will continue in his role as chairman of the board. The transition has no impact on Jennison’s investment teams or the management of clients’ portfolios.

Prudential experts: Brighter outlook for equity markets in 2012, continued strength in debt markets, but risks from Europe, China and U.S. politics pose challenges

Wed, 04 Jan 2012 16:00:00 EST

NEW YORK, January 04, 2012--Prudential market experts expressed optimism for gains in the financial markets for the coming year, but outlined risks that could weigh on the markets at Prudential Financial, Inc.’s (NYSE:PRU) 2012 Global Economic and Retirement Outlook briefing in New York City.

2012 Global Economic and Retirement Outlook

Wed, 04 Jan 2012 00:00:00 EST

Prudential Financial to announce fourth quarter 2011 earnings; schedules conference call

Tue, 03 Jan 2012 16:00:00 EST

NEWARK, N.J., January 03, 2012 - Prudential Financial, Inc. (NYSE:PRU) will release its fourth quarter 2011 earnings on Wednesday, February 8, 2012, 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 Mortgage Capital Company provides $88.5 million of the $177 million total secured financing of 28 industrial facilities in Mexico

Wed, 21 Dec 2011 10:00:00 EST

NEWARK, N.J., December 21, 2011 - Prudential Mortgage Capital Company and MetLife Real Estate Investments each provided $88.5 million in first mortgage financing for a total $177 million package to Prologis Mexico Fondo Logistico, a co-investment venture managed by a subsidiary of San Francisco-based Prologis, L.P., for a portfolio of industrial buildings in Mexico. Prudential Mortgage Capital is the commercial mortgage lending business of Prudential Financial Inc. (NYSE: PRU).

The Prudential Foundation provides $655,000 in grants to food banks across the country during the holiday season

Tue, 20 Dec 2011 14:30:00 EST

NEWARK, N.J., December 20, 2011 - To help make the holidays brighter for people in need, The Prudential Foundation announced today that its 2011 Fund for Families will immediately disperse more than $655,000 to food banks in several U.S. cities, including $50,000 to Feeding America, the nation’s leading domestic-hunger relief agency.

Prudential named a best place to work by the Human Rights Campaign (HRC)

Tue, 20 Dec 2011 09:00:00 EST

NEWARK, N.J., December 20, 2011 - Prudential Financial, Inc. (NYSE: PRU) has once again been named a best place to work for its programs and practices that support the inclusion of lesbian, gay, bisexual and transgender (LGBT) employees by earning the highest score of 100 percent on the Human Rights Campaign’s Corporate Equality Index.

Prudential Financial to sponsor the Center for Retirement Research at Boston College’s National Retirement Risk Index

Mon, 19 Dec 2011 10:00:00 EST

NEWARK, N.J., December 19, 2011 - Prudential Financial, Inc. (NYSE: PRU) announced today that it will be the exclusive sponsor of the Center for Retirement Research at Boston College’s National Retirement Risk Index.

Prudential Mortgage Capital Company hires Brian Salyards to originate multifamily loans

Mon, 12 Dec 2011 10:00:00 EST

NEWARK, N.J., December 12, 2011 - Prudential Mortgage Capital Company today announced that Brian Salyards has joined the company’s multifamily originations team. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU).

Prudential completes a major longevity reinsurance transaction with Deutsche Bank

Wed, 07 Dec 2011 10:00:00 EST

NEWARK, N.J., December 07, 2011 - Prudential Retirement, a business unit of Prudential Financial, Inc. (NYSE: PRU), announced today the successful completion of a key longevity reinsurance transaction with Deutsche Bank. Under the terms of the transaction, Prudential Retirement will be one of several reinsurers of longevity risk to Deutsche Bank and its client, the Rolls-Royce Pension Fund. Prudential’s transaction covers pension liability values of approximately £500 million GBP, over $780 million U.S. dollars.

Prudential sells real estate brokerage and relocation unit to Brookfield Residential Property Services

Tue, 06 Dec 2011 16:00:00 EST

NEWARK, N.J., December 06, 2011 - Prudential Financial, Inc. (NYSE:PRU) today announced the sale of Prudential Real Estate and Relocation Services (PRERS), the company’s real estate brokerage and relocation services unit, to Brookfield Residential Property Services. The sale, which closed today, excludes a financing subsidiary with investments in a limited number of real estate brokerage franchisees.

Prudential Mortgage Capital Company completes $230 million financing for The Macerich Company for Arrowhead Towne Center

Tue, 06 Dec 2011 10:00:00 EST

NEWARK, N.J., December 06, 2011 - Prudential Mortgage Capital Company closed a $230 million loan for The Macerich Company, a Santa Monica, Calif.-based real estate investment trust. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU).

Prudential Financial named to G.I. Jobs Top 100 Military-Friendly Employers List

Mon, 05 Dec 2011 11:00:00 EST

NEWARK, N.J., December 05, 2011 - For the second consecutive year, Prudential Financial, Inc. (NYSE:PRU) has been named to the G.I. Jobs Top 100 Military-Friendly Employers List, in recognition of the company's military recruiting and hiring practices.

Prudential Financial, Inc. and Zurich Establish Program to Expand Global Employee Benefits Options for their Clients

Mon, 05 Dec 2011 09:00:00 EST

NEWARK, N.J. & SCHAUMBURG, Ill., December 05, 2011 - Prudential Group Insurance, a business of Prudential Financial, Inc. (NYSE: PRU), and Zurich American Life Insurance Company, a part of Zurich Financial Services Group (Zurich), today announced the launch of Prudential Zurich Global Benefit Solutions, a referral program to help U.S. multinational companies meet their local, international, and expatriate employee benefits needs. Through this program, Prudential can refer to Zurich client requests to cover third country nationals and in some cases, local nationals and U.S. expatriates. Additionally, Zurich can refer to Prudential requests to cover large scale U.S. domestic risks.

Prudential Mortgage Capital Company provides $160 million financing for 21 industrial facilities in Mexico

Fri, 02 Dec 2011 10:00:00 EST

NEWARK, N.J., December 02, 2011 - Prudential Mortgage Capital Company has provided $160 million in financing to a co-investment venture managed by San Francisco-based Prologis, L.P., for a portfolio of industrial buildings in Mexico. Prudential Mortgage Capital is the commercial mortgage lending business of Prudential Financial Inc. (NYSE: PRU).

PREI acquires Class A Chicago office property

Mon, 28 Nov 2011 11:00:00 EST

PARSIPPANY, N.J., November 28, 2011 - Prudential Real Estate Investors has acquired 22 West Washington, a Class A office building located in downtown Chicago’s Central Loop for $183.5 million. PREI, acting on behalf of institutional investors in its core real estate fund, is the real estate investment management and advisory business of Prudential Financial, Inc. (NYSE: PRU).

Prudential to contribute $6.2 million to support military veterans and their families

Mon, 21 Nov 2011 12:00:00 EST

NEWARK, N.J., November 21, 2011 - Prudential Financial, Inc. (NYSE:PRU) will contribute $6.2 million to 10 nonprofit groups that help U.S. military veterans and their families transition back into civilian life.

Prudential named “Top Company for Community Development”

Fri, 18 Nov 2011 09:00:00 EST

NEWARK, N.J., November 18, 2011 - Prudential Financial, Inc. (NYSE: PRU) has been named “Top Company for Community Development” by DiversityInc. The award is one of eight special achievement awards recently presented by the magazine at a November 9 awards gala in Washington D.C.

Prudential Group Insurance Names William Guerin to Lead New Sales, Marketing and Strategy Team; Andrew Sullivan to Head Small Business Market

Thu, 17 Nov 2011 09:00:00 EST

NEWARK, N.J., November 17, 2011 - Prudential Group Insurance, a business of Prudential Financial, Inc. (NYSE: PRU) appoints two new leaders to further broaden its expertise in addressing existing client and marketplace needs.

Prudential Real Estate and Relocation Services garners top scores in relocation managers’ survey

Tue, 15 Nov 2011 09:00:00 EST

NEWARK, N.J., November 15, 2011 - Prudential Financial, Inc.’s (NYSE:PRU) Real Estate and Relocation business ranked first in overall net satisfaction among large relocation services firms for the second consecutive year in the tenth annual Relocation Managers’ Survey© from Trippel Research. Prudential led the industry with an overall satisfaction rate of 56%, with a score of 8.47 on a 10-point scale compared to an industry average of 38% and 8.16. Prudential’s score rose from 53% in last year’s survey while the industry average dropped from 45%.

Prudential Mortgage Capital Company arranges $80.5 million Freddie Mac loan for Alexandria, Va. multifamily community

Mon, 14 Nov 2011 13:00:00 EST

NEWARK, N.J., November 14, 2011 - Prudential Mortgage Capital Company, through its Freddie Mac Program Plus Lending program, provided an $80.5 million loan to Bonaventure Realty Group, a Virginia-based developer, the company announced today. Prudential Mortgage Capital is the commercial mortgage lending business of Prudential Financial Inc. (NYSE: PRU).

Adding Guaranteed Income Solutions to Retirement Plans is the Focus of New Prudential Web Site

Mon, 14 Nov 2011 10:00:00 EST

NEWARK, N.J., November 14, 2011 - Market volatility, people living longer, rising retirement costs, and the migration away from traditional pension plans all add up to a need for innovative workplace retirement solutions according to www.incomechallenges.com, a web site launched by Prudential Retirement. Prudential Retirement is a business unit of Prudential Financial, Inc. (NYSE: PRU).

Prudential Financial to host 2012 New York Investor Day

Wed, 09 Nov 2011 16:00:00 EST

NEWARK, N.J. - Prudential Financial, Inc. (NYSE: PRU) will host a conference for analysts and investors in New York City on Thursday, May 24, 2012. On that day, Chairman and CEO John Strangfeld, together with other members of the senior management team, will discuss the company’s businesses and strategies. Further details will be announced closer to the date of the meeting.

Prudential completes its largest longevity reinsurance transaction to date

Wed, 09 Nov 2011 10:00:00 EST

NEWARK, N.J. - Prudential Retirement announced today the successful completion of its largest longevity reinsurance transaction to date. Under the terms of the transaction, Prudential Retirement will provide reinsurance of longevity risk to Rothesay Life and to its sister company, Paternoster, both wholly owned subsidiaries of The Goldman Sachs Group, Inc. The transaction initially covers pension liability values of GBP 450 million, approximately equal to $723 million U.S. dollars. Prudential Retirement is a business unit of Prudential Financial, Inc. (NYSE: PRU).

Prudential Financial Declares Annual Dividend on Common Stock

Tue, 08 Nov 2011 16:00:00 EST

NEWARK, N.J. - Prudential Financial, Inc. (NYSE: PRU) announced today that its Board of Directors has declared an annual dividend for 2011 of $1.45 per share of Common Stock, payable on December 16, 2011 to shareholders of record at the close of business on November 22, 2011. The 2011 Common Stock declared dividend represents an increase of 26% from the 2010 Common Stock dividend and is the highest ever paid by the Company.

Paige Warren named to head Prudential Mortgage Capital’s FHA business

Tue, 08 Nov 2011 12:00:00 EST

NEWARK, N.J. - Paige Warren has been named to lead Prudential Huntoon Paige, the FHA lending business of Prudential Mortgage Capital Company. Warren, who also heads Prudential’s affordable housing business, will assume the role effective on Dec. 5. Prudential Mortgage Capital is the commercial mortgage lending business of Prudential Financial Inc. (NYSE: PRU).

Prudential Mortgage Capital Company, Northwestern Mutual close $200 million in financing for The Macerich Company

Mon, 07 Nov 2011 11:00:00 EST

NEWARK, N.J. - Prudential Mortgage Capital Company joined Northwestern Mutual Real Estate Investments to provide a $200 million loan for The Macerich Company, a Santa Monica, Calif.-based real estate investment trust, the company announced today. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU). Northwestern Mutual Real Estate Investments, LLC provides both equity and commercial mortgage investments on behalf of The Northwestern Mutual Life Insurance Company.

Prudential awards $500,000 for restorations to Newark’s Military Park

Mon, 07 Nov 2011 09:30:00 EST

NEWARK, N.J. - The Prudential Foundation board of trustees recently approved a $500,000 grant to The Community Foundation of New Jersey to support efforts to improve Military Park, a landmark in downtown Newark.

Employee Satisfaction is Primary Driver of Employers’ Voluntary Benefits Offerings; Cost Cutting Less Influential

Mon, 07 Nov 2011 09:00:00 EST

NEWARK, N.J. - Although many companies continue to tighten their financial belts, when it comes to voluntary benefits, employers are much more employee focused, as opposed to cost driven. The Gauging the Success of Voluntary Benefits, the second in a series of research briefs stemming from Prudential’s Sixth Annual Study of Employee Benefits: Today & Beyond, found that 75% of employers say their top reason for offering voluntary benefits is to expand the benefits options available to their employees, with 42% offering voluntary benefits to fulfill an employee need, and 30% offering them at their employees’ request.

Prudential’s Cindy Salter Named to 2012 Worldwide ERC® Board of Directors

Mon, 07 Nov 2011 09:00:00 EST

NEWARK, N.J. - Prudential Real Estate and Relocation Services, Inc., a business of Prudential Financial, Inc. (NYSE: PRU) announced today the appointment of Cindy Salter, SCRP, SGMS, senior vice president of Global Government Sales and Account Management, to the Worldwide ERC^® Board of Directors in a Global Business Development role, effective January 1, 2012.

Prudential Expands its Veteran Training and Employment Initiative

Thu, 03 Nov 2011 14:00:00 EST

NEWARK, N.J. - With veterans returning home in record numbers from ongoing conflicts abroad, Prudential Financial, Inc. (NYSE: PRU) announced today the expansion of its veteran training and employment program run by Workforce Opportunity Services (WOS). The VETalent program is now available in partnership with Rutgers University, Penn State University-Abington, and the University of North Florida.

Prudential Financial, Inc. Announces Third Quarter 2011 Results

Wed, 02 Nov 2011 16:00:00 EST

NEWARK, N.J., November 02, 2011 - Prudential Financial, Inc. (NYSE:PRU) today reported net income of its Financial Services Businesses attributable to Prudential Financial, Inc. of $1.505 billion ($3.06 per Common share) for the third quarter of 2011, compared to $1.167 billion ($2.46 per Common share) for the year-ago quarter. After-tax adjusted operating income for the Financial Services Businesses was $520 million ($1.07 per Common share) for the third quarter of 2011, compared to $1.004 billion ($2.12 per Common share) for the year-ago quarter. Information regarding adjusted operating income, a non-GAAP measure, is provided below.

Prudential Named to USO-Metro’s Circle of Stars

Mon, 31 Oct 2011 09:00:00 EST

NEWARK, N.J. - Prudential Real Estate and Relocation Services, Inc., a business of Prudential Financial, Inc. (NYSE: PRU) was honored by the USO of Metropolitan Washington (USO-Metro), and named to USO-Metro’s 2011 Circle of the Stars. This is the inaugural year for this elite award, bestowed on the top-level corporate donors who provide generous funding to support USO-Metro’s mission to lift the spirits of military service members and their families.

Prudential Retirement combines guaranteed lifetime income solution with leading target date fund alternatives

Thu, 27 Oct 2011 11:00:00 EST

Prudential Retirement has expanded the investment management alternatives for its guaranteed lifetime income solution, Prudential IncomeFlex Target®, to include the investment management expertise of two leading target date fund managers. This latest innovation allows defined contribution plans to combine Prudential IncomeFlex Target’s guaranteed minimum withdrawal benefits (GMWB), with target date fund offerings from T. Rowe Price and Vanguard. These options are available in addition to Prudential Retirement’s EasyPath® funds and Goalmaker with IncomeFlex Target offerings. Prudential Retirement is a business unit of Prudential Financial, Inc. (NYSE: PRU).