Pru expands adviser platform offering


M&G Prudential is expanding the its adviser platform offering to eventually include a full range of tax wrappers.

The platform was launched in 2016, offering a Sipp and drawdown capability.

M&G Prudential also writes an ISA, an onshore and an offshore bond, but these are not currently available on the platform.

Fifty M&G funds have just been added to the platform and M&G Prudential chief financial officer, Clare Bousfield, explained at an investor conference in Singapore earlier in November what else is on the agenda: “The plan is for the platform to offer the full range of tax wrappers including the ISA, bonds, and a general investment account.”

Bousfield said at the end of June 2018 there were just over £10 billion of assets on the platform and 90 per cent of the assets were PruFund assets. This, she said, makes the platform the fastest growing in the UK, “both by relative and in absolute terms.”

She also described the company’s position in the advice sector: “From an advice and distribution perspective we interact with over 7,500 intermediaries, and we have a top ten advice business with around 350 advisers.

“The launch of digital customer adviser and operational journeys will also form the platform for a direct proposition.”

Prudential has previously denied a direct-to-consumer PruFunds proposition would damage the relationships it has with advisers.

Bousfield told investors why the group decided to de-merger with the UK business: “We got to the conclusion… that by breaking them up, we will get better alignment, and that is everything from the focus of the management teams, the currencies, the likely investor bases over time.

“You get focus, you get alignment, they have plenty of scale, and we think you will get value creation. We think you will get a better alignment between the various stakeholders of each entity,” she said.

The de-merger will result in two separately listed companies.


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