Headquartered in Newark, New Jersey, PGIM Quantitative Solutions is an SEC-registered investment
adviser organized as a New Jersey limited liability company.
In addition to being a registered investment adviser, PGIM Quantitative Solutions is a member of the
National Futures Association (“NFA”) and is registered as a commodity trading advisor with the Commodity
Futures Trading Commission (“CFTC”). PGIM Quantitative Solutions and PGIM DC Solutions LLC (“PGIM
DCS”) are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential Financial”), a
publicly held company (NYSE Ticker "PRU").1
PGIM Quantitative Solutions’ investment team began managing U.S. equity accounts for institutional
clients in January 1975. For many years, the team operated as a unit within PGIM, Inc., which is part of the
PGIM division of Prudential Financial. PGIM is Prudential Financial’s global investment management
business. Subsequently, PGIM Quantitative Solutions became a wholly-owned subsidiary of PGIM, Inc.
and an investment adviser registered with the SEC. The team has conducted its investment management
activities as PGIM Quantitative Solutions since July 2004. As described below, PGIM Quantitative
Solutions is the quantitative equity and global multi-asset solutions manager of PGIM. PGIM Quantitative
Solutions’ investment management and research, trading, operations, client service and distribution
activities are conducted at our headquarters in Newark, NJ. PGIM Quantitative Solutions also maintains an
office in San Francisco that is used periodically by PGIM Quantitative Solutions personnel for
administrative purposes (no investment advisory activities are conducted from this location).
PGIM DCS is a Delaware limited liability company that was formed on September 28, 2021, and became
an SEC-registered investment adviser as of May 31, 2022. Our relationship with PGIM DCS and other
affiliated investment advisers is described further in Item 10.
This brochure describes PGIM Quantitative Solutions’ business, and hereinafter when we use the terms
“we,” “us” and “our,” we are referring to PGIM Quantitative Solutions and our U.S. operations unless we
Our Advisory Business in General
• Our Advisory Services
We offer a variety of actively and passively managed equity strategies measured against U.S.,
non-U.S., global and custom benchmarks. Some strategies take both long and short positions in
individual securities depending upon the specific investment objective and client guidelines. As
described below under “Customization of our Advisory Services,” we do not believe that “one size
fits all,” and strive to meet the specific needs of each institutional and subadvised client.
In addition to strategies that emphasize individual security selection, we also offer multi-asset class
strategies. These strategies allocate assets among multiple asset classes and management styles
in accordance with our evaluations of their corresponding investment potential and client
1 Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, a company incorporated in the
United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.
guidelines. Depending upon investment objectives, these asset classes typically include publicly
traded equity and fixed-income securities, and could also include real estate, commodities,
currencies and other non-traditional asset classes. Affiliated investment advisers or third parties,
as well as PGIM Quantitative Solutions, manage assets held in the underlying portfolios that invest
in these asset classes. (See Item 10 for additional information regarding our relationships with
• Our Quantitative Processes
We specialize in the utilization of quantitative methods to guide investment decisions, and employ
both proprietary and non-proprietary analytical tools and models to help direct our investment
choices. Our proprietary quantitative models are our intellectual property. Specific models vary with
the corresponding investment strategy. For example, models range from straightforward algorithms
intended to help our index strategies replicate benchmark indices to more complex models that
help identify attractive individual securities and combine them into portfolios underlying actively
managed equity strategies. Models and quantitative tools implemented in our multi-asset class
strategies help assess the attractiveness of global asset classes. Although many of our investment
decisions derive primarily from the output of our models, our portfolio managers apply oversight
and judgment to that output.
We believe that research is the cornerstone of a successful investment organization and we are
continually seeking ways to enhance
our investment strategies and processes. As a result of our
ongoing in-house research, our models may change from time to time. We consider these
research-based enhancements and changes to be a normal part of our investment activities.
Customization of our Advisory Services
Our investment management agreements and sub-advisory agreements with clients typically include
investment guidelines that are negotiated to incorporate mutually acceptable terms. Under these
agreements, clients can impose limitations on our investment positions. The investment guidelines could,
for example, restrict the types of securities or instruments (such as derivatives or interests in commingled
funds) in which we invest for the client. They could prohibit us from investing in particular issuers or
industries. They could limit the percentage of portfolio assets that we are allowed to invest in single issuers,
types of securities or industries. They could limit the amount of cash that we can hold in the portfolio. A
client could also require us to comply with the client’s investment policies and procedures applicable to its
external investment managers. On occasion, in our discretion, we tailor certain features of our models and
risk parameters at the request of a client with the objective of achieving a client-specific investment goal.
Such changes would apply to that client only.
Other Advisory Services
We provide other advisory services to an unaffiliated managed account program sponsor on a non-
discretionary basis. Our services to the managed account program sponsor consist of the furnishing of
model securities portfolios in various strategies. The program sponsor may or may not choose to employ
the models and recommendations we provide, in its discretion. We do not effect or arrange for the
purchase or sale of any securities in connection with these services. Again, the program sponsor charges a
single program fee to its clients for all services provided under the program and pays PGIM Quantitative
Solutions a portion of that fee. We seek to manage these non-discretionary model portfolios and our
discretionary institutional accounts in a similar manner within the same strategy.
We also offer non-discretionary multi-asset class model strategies on affiliated and unaffiliated platforms. In
these arrangements, the platform sponsors would typically make our model portfolios available to
investors, generally through intermediaries such as financial planners. We do not have discretion over the
implementation of these models in individual investor portfolios.
On occasion, clients have requested that they approve our investment recommendations. In such
circumstances, we consider those mandates non-discretionary.
From time to time, clients may engage us to manage single client accounts for which we provide model
portfolios. We do not have discretion over these model portfolios. We would also consider these mandates
Significant Shareholder Reporting
From time to time, we are required by applicable laws, rules and regulations to file reports with regulators
that contain information about our clients’ holdings of an issuer when the holdings are large enough to
require reporting. Those reports are often publicly available and in certain circumstances require disclosure
of the client’s identity and holdings. In addition, our clients can hold a position in the securities of a portfolio
company that is large enough to require reporting by the client to the regulators under applicable laws, rules
and regulations. We do not monitor or advise on reporting requirements for clients because, among other
reasons, we do not have an ability to properly monitor the aggregate of clients and such monitoring is
generally handled by a client’s other service providers.
Our Assets Under Management
As of December 31, 2022, our:
• Discretionary assets under management (rounded to the nearest million) were: $84,769,177,469*
• Non-discretionary assets under advisement (rounded to the nearest million) were: $1,797,065,217**
* Note: For purposes of determining discretionary assets under management, that PGIM Quantitative
Solutions includes all assets managed by the asset allocation team for which it provides oversight,
analysis and investment direction regarding the transfer of assets among investment choices in each
client’s portfolio. Our total discretionary assets under management is adjusted to avoid double counting
any assets managed directly by us in certain commingled funds or accounts to which we allocate under
our multi-asset class strategies (see Item 10 for additional disclosure).
** Note: This number includes the assets managed by others using our non-discretionary model portfolios.
We do not include the assets that are managed by others based on non-discretionary model portfolios
provided by us in the calculation of our regulatory assets under management in Part 1A, Item 5.F of the