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Pru adds funds to bond wrapper

Prudential is adding nine new income-generating portfolios for inclusion in its flexible investment plan investment bond wrapper from 25 April.

The portfolios include seven in-house managed funds and two externally run equity income funds from Invesco Perpetual and Newton. Pru is confident that the combination of single-asset and multi-asset income funds will increase its bond sales by at least half and give it the broadest product offering in the market.

The new funds, which are effectively income shares added to existing portfolios, in-clude an income-paying version of its managed distribution fund and a high-yield managed distribution fund in the multi-asset space.

The single-asset funds include Pru property, UK Government bond, UK investment-grade bond, UK equity income and M&G high-yield bond.

These, along with the additions of Invesco Per-petual equity income and Newton higher income, will enable advisers who want to carry out their own asset allocation to construct their own portfolios to match their clients’ attitude to risk with their income requirements.

Income can be capped at 5 per cent for tax reasons if required and all fund switches are free.

Pru investment sales manager Andy Brown says the company will be holding workshops which are expected to carry on until October for around 10 to 12 advisers at each session throughout the country .

The workshops will include presentations from members of Pru’s fund-management team explaining how different financial instruments generate in-come and the ins and outs of asset allocation.

Brown says: “A growing number of IFAs are developing asset allocation skills but for those that want to outsource this, we provide the managed funds. The new range will allow IFAs to build non-equity distribution funds and offer clients a range of different risk/return profiles.”


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