Job Classification:

Investment Management - Investment Operations

PGIM: 2025 Fixed Income, Business Support & Operations Rotational Program

Location(s): 

Newark, NJ (Hybrid)

PGIM is the diversified asset management business of Prudential Financial, Inc. (NYSE: PRU). With $1.3 trillion in assets under management, and 41 offices spanning 20 countries, PGIM is among the world’s leading asset managers. Comprised of seven self-governing asset management divisions, PGIM offers a distinct workplace culture that aligns with the firm’s ultimate objective: to provide premier service to our clients while fostering an inclusive workplace culture that is rooted in trust, respect, and equality. PGIM was ranked #3 in Pensions & Investments Best Places to Work in Money Management in 2023.

PGIM Fixed Income falls under PGIM, which is the asset management arm of Prudential Financial. PGIM Fixed Income is a global asset manager offering active solutions across all fixed income markets. The company has offices in Newark, NJ, London, Amsterdam, Paris, Sydney, Singapore, Munich, Zurich, Hong Kong, and Tokyo. As of March 31, 2024, the PGIM Fixed Income has $821 billion of assets under management including $403 billion in institutional assets, $175 billion in retail assets, and $243 billion in proprietary assets. Over 1000 institutional clients have entrusted PGIM Fixed Income with their assets. 

Timeline:

We review applications on a rolling basis, and we encourage you to apply as soon as you are ready. All fall applications will close on or by Friday, October 4th, 2024, at midnight ET. We reserve the right to close applications early due to volume or role(s) being filled. 

Applications for PGIM Investment Professional roles are open as of July 1st. All other businesses will open on August 2nd. To ensure you are considered for the opportunities you want most, you are only able to apply to 3 positions per recruitment season.

Your Day to Day:

Our Operations program is rotational and sees Associates participate in four (4) 9-month rotations across diverse teams within Operations. Upon successful completion of all 4 rotational assignments (3 years in total) you will be permanently placed into one of several departments; into a position that compliments your individual attributes and the strategic business requirements. Below are examples of teams across Operations you could find yourself rotating between as a member of our program:

• Bond Operations - Front to end operational support of Corporate Debt products, including trade capture, new issues allocations, confirmation, and settlements.

• Accounting & Performance - Internal fund accounting, position and valuation reconciliations, and difference resolution; calculation of portfolio, benchmark, and composite returns; comparative analysis, and composite reviews.

• Client Reporting - Designing, preparing, and delivering reporting to PGIM Fixed Income’s Institutional, Retail, Affiliate, and Alternative clients globally.

• Collateral Management & Servicing - Responsible for monitoring counterparty exposure and collateral for derivative, MBS, Securities Lending, and Repo products.  The team also monitors settlement of daily collateral moves, interest, swap payments, and variation margin.

• Derivative Operations - Facilitating post execution trade flow processes related to trade capture, confirmations, settlements, collateral management, servicing, and reconciliations for products that include Swaps, Futures, FX, Options, MBS, etc.

• Securities Lending Operations - Operational support of the Agency Lending program, managing loan and return settlement, coordination of non-cash collateral, recall management, as well as cash and custody reconciliations.

• Bank Loan Settlements & Servicing - Responsible for providing operational support to the PGIM Fixed Income bank loan assets.  This includes settlement of loans, daily cash and position reconciliations, loan servicing, and data maintenance. 

• On Boarding & Cash Flow Management - Client support of operational matters such as the launch of new accounts, modifications to existing accounts, and engagement with clients as well as their bank and administrators.  Management of communication related to subscriptions and redemptions including discussions with the client and our Investment Team.

Required Qualifications:

• Candidates must be enrolled in an accredited bachelor’s program or 5th year master’s program graduating May 2025

• Open to all majors

• Minimum 3.0 GPA required

• Prudential does not provide visa sponsorship for this position. Successful candidates must possess the requisite US employment authorization to be eligible for consideration

Preferred Qualifications:

• Experience with MS Excel and/or other technical data analysis / modeling tools desirable

Our Application Process:

1. Submit your application.

2. If eligible, receive invitation for a digital interview; this includes answering pre-recorded interview questions with the business(es) that advance your application(s).

3. If advanced, receive invitation for final round interview(s); you will have the opportunity to meet with us in person or virtually to learn more about our business and culture.

For 2025 early talent roles, our process is designed to help you learn more about Prudential/PGIM and share your story with us. Digital interviewing allows greater flexibility, enables a quicker interview process, allows us to meet more candidates and share your story with more members of the team.

Note: The starting salary for this role is $70,000, roles are also eligible for additional compensation and benefits. Eligibility to participate in a discretionary annual incentive program is subject to the rules governing the program, whereby an award, if any, depends on various factors including, without limitation, individual and organizational performance.