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Prudential Announces Change In Closed-End Funds’ Management Team

Stocks in this article: PRU

Prudential Investments announced that, Stephen Haeckel, one of seven portfolio managers for the Prudential Short Duration High Yield Fund (ISD) and Prudential Global Short Duration High Yield Fund (GHY) (the “Funds”), will be leaving Prudential Fixed Income, a business unit of Prudential Investment Management, Inc., the Funds’ sub-advisor, on April 29, 2013. After a distinguished 25-year investment management career, Mr. Haeckel is leaving to pursue other interests.

The Funds' investment strategies will remain the same, and will continue to benefit from Prudential Fixed Income's extensive portfolio management and research capabilities. Paul Appleby, Managing Director and Head of Prudential Fixed Income's Global Leveraged Finance Team, which includes the U.S. and European High Yield Bond and Bank Loan sector teams, will continue to oversee the Global Leveraged Finance efforts. The team is composed of 11 Portfolio Managers, 6 of which are High Yield, and 28 credit analysts. Prudential Fixed Income is currently considering additions to the team.

The Funds are diversified, closed-end investment management companies managed by Prudential Investments LLC. The Fund is sub-advised by Prudential Fixed Income, a business unit of Prudential Investment Management Inc. and an affiliate of the investment manager.

Prudential Investments, the mutual fund and wealth management business of Prudential Financial, Inc. (NYSE: PRU), oversees Prudential Mutual Funds, which focuses on traditional mutual funds, separately managed accounts, and Investment Only Defined Contribution businesses. Prudential Investments also maintains two other business units, Wealth Management Solutions and Strategic Investment Research Group.

Prudential Financial, Inc., a financial services leader with more than $1 trillion of assets under management as of December 31, 2012, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/.

The Funds invest in high yield (“junk”) bonds, which are subject to greater credit and market risks; derivative securities, which may carry market, credit, and liquidity risks; foreign securities, which are subject to currency fluctuation and political uncertainty; and emerging markets, which are subject to greater volatility and price declines. Fixed income investments are subject to interest rate risk, where their value will decline as interest rates rise.

SIRG is a unit of Prudential Investments LLC, and a research unit of Prudential Financial. SIRG provides research, analysis and due diligence on investment management firms and the vehicles and strategies they offer. Wealth Management Solutions is a division of Prudential Investments LLC, Newark, NJ, a Prudential Financial company. Prudential Fixed Income is a unit of Prudential Investment Management, Inc. (PIM), a registered investment advisor and Prudential Financial company. Prudential Investments, Prudential, the Prudential logo, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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