Prudential Insurance Company of Newark, NJ is asking variable annuity policyholders to approve new investment management contracts for 17 variable annuity sub-accounts.
The proxy, filed with the SEC Aug. 10, seeks to hand the management of the sub-accounts over to Prudential Investment Fund Management, the company's asset management division, also based in Newark, N.J
The change is part of Prudential Insurance Company's tentative plans to demutualize by 2001, changing its structure from a privately-held mutual insurance company to a publicly-traded company, according to the proxy.
In a related move, Prudential filed with the SEC Aug. 4 to register 24 new variable annuity sub-accounts. The majority of the new sub-accounts will be branded under the firm's Strategic Partners product line. Each of the portfolios features one or more high-profile sub-advisor, including; AIM Capital Management of Houston, Alliance Capital Management of New York, Invesco Funds Group of Denver, MFS Investment Management of Boston, and PIMCO of Newport Beach, Calif.