Explore the timeline
Discover how PGIM was established to become one of the world's leading money managers.
1800s
1900s
From 1923 to 1999 the firm went through the industrial revolution and expanded
its offerings on a global scale.
2000s
Learn more about our brand evolution and what inspired the name change to PGIM.
1875
1878
John Fairfield Dryden establishes the Prudential Friendly Society in Newark, NJ. “Friendly Society” is dropped from the name in 1877.
PFI becomes one of the first
companies to issue residential and commercial property loans.
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Our first group pension contract is issued to the Cleveland Public Library, still a client to this day.
Our fixed income investment business begins managing fixed income accounts for institutional clients.
During the Great Depression, Prudential Financial, Inc. (PFI) avoids foreclosing on farmers, increasing the number of farm mortgages and loans we issue.
We set up a new commercial and industrial loan department to provide capital to small and mid-size companies.
PFI is among the first life insurance companies to create separate accounts to manage third-party investments outside our general account.
We launch the first open-end commingled real estate fund for U.S. investors.
Our quantitative management investment business begins to manage U.S. equity accounts for institutional clients.
Pramerica Investment Management acquires Jennison Associates, expanding our capabilities as an asset manager for other institutions.
Pramerica mutual fund management, now PGIM Investments, is established to administer our growing family of mutual funds.
1923
1928
1929
1956
1962
1970
1975
1985
1987
1998
We establish PGIM Global Partners, which today operates asset management businesses (either directly or through joint ventures) in Italy, China, Taiwan and India.
2008
2011
When the world stops lending capital to mid-size businesses during the Financial Crisis, PGIM continues to provide funding, by issuing $15 billion in loans.
Prudential Retirement surpasses
$10 billion in third-party stable value account funds, managed by PGIM businesses.
2014
2015
2016
We execute a record $16 billion longevity reinsurance transaction with British Telecom pension scheme, the largest of its kind in the UK.
Prudential Tower opens in Newark, NJ as headquarters of our global investment management business.
Pramerica Investment Management is rebranded as PGIM, a name for the next 140 years.
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1800s
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John F. Dryden founder of PFI
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Jennison was founded in 1969
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Shanghai Financial Center
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General Motors HQ in Detroit
Tower Bridge In London
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Prudential Tower: Located at 655 Broad Street, two blocks from the firm’s global corporate headquarters at 751 Broad Street and three blocks from its Washington Street building.
1875 John F. Dryden founded the Prudential Friendly Society (PFS) based upon the business premise that Insurance is not a product meant only for the rich. Raising the $30,000 in pledged capital which had been set as a goal. Although it had been decided the company could start doing business as soon as $6,000 had been subscribed, “it was like pulling eye teeth” to get the part of the initial funds, according to Dr. Ward.
Most of the investors were elected to the board of directors after the charter and the name of the Widows and Orphans Friendly Society were changed on February 18, 1875. A notice in the Newark Daily Advertiser of that date listed 24 persons, including Bassett and Dryden, as directors of the PFS.
1877: The name was officially changed to The Prudential Insurance Company of America (PICA). On March 15, 1877, the state legislature approved the change of the company’s name to PICA.
The new name represented hope rather than reality. The company was still, in essence, the Insurance Company of Newark, but it was ready to expand.
“Almost anyone, big businessman or little, can qualify for a Prudential (PFI) load of mortgage. At the top of PFI’s list of borrowers is the who’s who of U.S. industry: International Business Machines [IBM], General Motors, Chrysler Corporation, Union Carbide and Carbon Corporation, International Harvester Goodyear Tire and Rubber.
The giants are only a fraction of PFI’s business. At president Shank’s direction, the company pours an even bigger chunk of its treasure into mortgages and loans to individuals and small businessmen… In every U.S. activity there is PFI money, from cattle and cotton to guided-missile factories, race tracks and country clubs.”
— Carr, William H.A., From Three Cents a Week… Englewood Cliffs: Prentice-Hall, 1975. Print.
PFI issued a group life insurance policy covering the 2,500 officers of the Philadelphia Police Department. The $7 million of coverage is believed to be the largest group life insurance policy issued at the time.
1900s
2000s
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While other large insurance companies are abandoning the agricultural market, PFI reports an increase in farm mortgages and loans from 1928 to 1929.
In January 1956, PFI issued an announcement that it was setting up a new Commercial and Industrial Loan Department to handle small and medium-sized loans.
In a statement announcing the creation of the new department, Shanks said, “We are confident that this new organization will facilitate the providing of capital needed for expansion in the field of moderate-sized loans.
A commingled fund is a fund consisting of assets from several accounts that are blended together. Investors in commingled fund investments benefit from economies of scale, which allow for lower trading costs per dollar of investment, diversification and professional money management.
Prudential-Bache Securities (PBS) acquires Thomson McKinnon Securities, increasing their sales force by 30 percent making it the third-largest brokerage concern in the United States.
THE FUTURE
Today, our core values and focus on ethics are more important than ever. Clients need more than short-term success; they need a long-term partner.
As we look to the future, our continued commitment to investment performance, product innovation, and integrity, will enable us to continue to deliver superior long-term results for our clients.
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