Former Prudential business director of investment platforms Carl Howard has joined Barclays UK Retail Banking as head of direct investments.
Howard, who had worked at Pru since 2001, left the insurer in July. He was director of investment platforms at Pru since February 2008, responsible for developing its wrap strategy.
A Prudential spokesman says Howard will not be replaced in “the foreseeable future”. He says: “Following discussions about the future as far as wraps and platforms are concerned, Carl decided to leave and pursue other opportunities.”
In April, Money Marketing revealed that Prudential had ruled out launching its own wrap, saying that it did not make economic sense.
The spokesman says: “The reason we said no to launching a platform still stands until circumstances change. They are extremely expensive to set up and, given the way the economy has shifted over the last couple of years, we have had to focus on our priorities, which are the core parts of the business. To go about setting up a platform would cost a significant sum of money which we feel we could not commit.”