Tampa's job growth got a boost Wednesday, as PGIM, a Prudential Financial subsidiary with $1.2 trillion in investment management business, says it opened a new office in midtown.
PGIM says in a Wednesday news release it will recruit heavily from the region, though it did not specify how many people will be employed in the office.
Tampa was chosen because PGIM says the city is a fast-growing, mid-cost market with access to a talent pool that draws regionally from 100 colleges in the Southeast. The office is located in the Midtown West office tower, with 22,272 square feet of space.
The company says it is confident it can attract regional talent that can work in high tech and fintech, an increasingly larger sector of finance. PGIM will target Tampa Bay and Southeastern talent that can "enhance operational and technological capabilities and support the firm's growth initiatives."
Asset management requires more than simply investment expertise," says Roben Dunkin, head of PGIM's operations and innovation in a statement. "Increasingly, technology and innovation are what set the top firms apart. Our new office in Tampa will play a crucial role in our strategy, recruiting not only investment professionals but also STEM graduates and young tech talent throughout the Southeast to complement our experienced teams globally."
PGIM manages assets of $1.2 trillion, as of Sept. 30, 2023. It has offices in 18 countries. PGIM offers investments for retail and institutional investors around the world. Its assets include public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives.
"We expect our Tampa office to be a source of new ideas that will be critical to helping us serve our clients now and in the future," says PGIM COO Taimur Hyat in the statement. "This office is one of many investments PGIM is making to serve our clients globally in addition to the expansion of our alternatives, institutional multi-asset solutions and high net worth capabilities."
The business was welcomed by Tampa Mayor Jane Castor.
"We believe that this premier global asset manager will attract key talent to the region and contribute to the local economy," says Castor in the written statement. "We look forward to a substantive long-term relationship."
Jim Stinson is the Business Observer's Tampa Bay business reporter and editor, having previously written about business and policy in Washington, D.C.; Rochester, New York; Gary, Indiana; and Daytona Beach. He attended Boston University for business and Indiana University for journalism.