PGIM Real Estate appoints David Fassbender as deputy head of Asia Pacific
His appointment is part of the firm’s ongoing strategy in strengthening its leadership bench and positioning the Asia Pacific platform for future growth.
PGIM introduces two active muni ETFs
NEWARK, N.J., June 28, 2024 – PGIM,2 the $1.34 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU), has launched two new actively managed exchange-traded funds (ETFs) — the PGIM Ultra Short Municipal Bond ETF (PUSH) and the PGIM Municipal Income Opportunities ETF (PMIO) — on the NYSE Arca.
Both ETFs seek total return through a combination of current income and capital appreciation by investing at least 80% of their respective portfolios in municipal (“muni”) obligations whose income is exempt from federal income taxes. The ETFs are subadvised by PGIM Fixed Income, a top-10 U.S. active fixed income manager with $821 billion in assets under management.3
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“In addition to their diversification benefits, muni bond ETFs offer an attractive opportunity for investors, particularly high-net-worth investors, who may be looking to maximize tax efficiency within their portfolios.”
“In addition to their diversification benefits, muni bond ETFs offer an attractive opportunity for investors, particularly high-net-worth investors, who may be looking to maximize tax efficiency within their portfolios,” said Stuart Parker, president and CEO of PGIM Investments. “We are thrilled to further expand PGIM Fixed Income’s actively managed muni bond offerings in the retail market.”
Jason Appleson, PGIM Fixed Income head of Municipal Bonds and co-portfolio manager of the new ETFs, comments, “These new products allow ETF investors to tap into PGIM Fixed Income’s muni expertise. The PGIM Ultra Short Municipal Bond ETF (PUSH) is ideal for investors looking to deploy cash into a more conservative strategy while benefiting from tax efficiencies provided by the municipal markets. The PGIM Municipal Income Opportunities ETF (PMIO) is designed to have more credit and duration risk flexibility, allowing us to select opportunities within the muni market.”
PGIM Ultra Short Municipal Bond ETF (PUSH)
PUSH is PGIM’s second ultra short ETF strategy, following the success of the $7 billion PGIM Ultra Short Bond ETF (PULS), and offering an additional alternative to traditional cash management strategies. The ETF seeks to primarily invest in investment-grade muni bonds and up to 10% in high yield muni debt obligations. PUSH seeks to maintain a weighted average portfolio duration of two years or less.
With a 0.15% net expense ratio, PUSH is the lowest-cost active ETF in the Morningstar Short Muni category.4
PGIM Municipal Income Opportunities ETF (PMIO)
PMIO is a dynamic income opportunities strategy, investing at least 70% of its portfolio in investment-grade muni debt obligations and up to 30% in high yield muni debt obligations. The ETF seeks to maintain a weighted average portfolio duration of two to eight years. PGIM’s flexible approach allows the ETF to allocate across credit qualities, maturities, sectors and states based on where the portfolio management team sees what it believes to be the most attractive opportunities. PMIO has a net expense ratio of 0.25%.
Learn more about PGIM’s suite of 42 ETFs which spans fixed income, equity, and multi-asset class solutions.
ABOUT PGIM INVESTMENTS
PGIM Investments LLC and its affiliates offer more than 100 funds globally across a broad spectrum of asset classes and investment styles. All products draw on PGIM’s globally diversified investment platform that encompasses the expertise of managers across fixed income, equities, alternatives, and real estate.
ABOUT PGIM FIXED INCOME
PGIM Fixed Income, with $821 billion in assets under management as of March 31, 2024, is a global asset manager offering active solutions across all fixed income markets. The company has offices in Newark, N.J., London, Amsterdam, Zurich, Munich, Singapore, Hong Kong, and Tokyo. For more information, visit pgimfixedincome.com.
ABOUT PGIM
PGIM is the global asset management business of Prudential Financial, Inc. (PFI). PFI has a history that dates back over 145 years and through more than 30 market cycles. With 41 offices in 19 different countries (as of March 31, 2024), our more than 1,450 investment professionals are located in key financial centers around the world.
Our firm comprises multi-managers that collaborate with each other and specialize in a particular asset class with a focused investment approach. This gives our clients diversified solutions with global depth and scale across public and private asset classes, including fixed income, equities, real estate, private credit, and other alternatives. As a leading global asset manager with $1.34 trillion in assets under management (as of March 31, 2024), PGIM is built on a foundation of strength, stability, and disciplined risk management.
For more information, visit pgim.com.
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information, please visit news.prudential.com.
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