Prudential Financial has named Dennis Kass, of JP Morgan Fleming Asset Management, chairman and chief executive officer of its investment management arm Jennison Associates. Kass will effectively replace Jennison co-founder John Hobbs, who previously had announced plans to retire, on January 1, 2003.

Kass is currently vice chairman and chief fiduciary officer for JP Morgan Fleming Asset Management, a unit of J.P. Morgan Chase & Co.

Hobbs will remain vice chairman until the end of February, when he will retire after 33 years with the firm. He will continue to serve as a consultant to Jennison.

"After conducting an extensive search we are delighted to attract someone with Dennis's experience and capability, as well as his commitment to the institutional asset management business," Hobbs said.

Kass will also manage the Prudential Investment Management public equity business, including the quantitative management team. He will report to Bernard Winograd, president of Prudential Investment Management. Jennison oversees more than $46 billion for institutions and private clients through separately managed accounts and commingled vehicles, including mutual funds via sub-advisors. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE