Prudential Financial has launched a new multi-manager fund, the Strategic Partners Mid Cap Value Fund. Harris Associates, advisors to the Oakmark Funds, and Mercury Advisors, part of Merrill Lynch Investment Managers, will each assume control of half of the fund's assets.
The fund is a new addition to Prudential's Strategic Partners line of mutual funds, an advisor-sold line that uses outside investment management selected by the firm's strategic investment research group. The group is comprised of 20 individuals who evaluate funds based on 10 different criteria.
Prudential has organized the product line into three groups: Opportunities Funds, Style Specific Funds and Asset Allocation Funds. The new mid-cap fund is the fourth of the Opportunity Funds, all of which feature investment management divided between two asset managers.
The Harris Associates' portion will be managed by Robert Levy, Bill Nygren and Michael Mangan. The trio will focus on a selection of 25 top stock picks within the asset class.
Elise Baum will lead the team for Mercury Advisors, taking a broader view by selecting 50 to 60 companies.