QMA adds Wadhwani Asset Management as part of QMA’s global expansion strategy
Prudential Financial, Inc. (PRU)
Last prudential financial, inc. earnings: 2/4 04:18 pm
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Source: Business Wire
NEWARK, N.J.--(BUSINESS WIRE)-- QMA, the quantitative equity and global multi-asset solutions manager of PGIM, announced today PGIM’s acquisition of Wadhwani Asset Management (WAM), a London-based quantitative macro-focused investment management firm. Upon closing, WAM will become part of the QMA business. PGIM is the $1 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU). Subject to all regulatory approvals, the deal is expected to close in the first quarter of 2019. Upon completion, the existing WAM investment platform will operate independently of QMA’s investment platform, with WAM founder Dr. Sushil Wadhwani continuing to serve as its chief investment officer. The acquisition will bolster QMA’s global build-out efforts, and QMA expects to invest significantly in further developing the WAM business. QMA managed $128.1 billion as of September 30, 2018.
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