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Pru sets up multi-asset hybrids

Prudential has launched two hybrid multi-asset funds of funds that will build on its track record in running with-profits funds.

The Prudential cautious managed growth and managed defensive funds aim to provide a combination of income and growth.

They will initially be available as standalone investment and fund links for the international Prudence bond, with life and pension fund links to follow later in the year.

The funds’ asset allocation will be determined by Prudential’s in-house strategists, the Portfolio Management Group, and will not be constrained by benchmark.

Fund manager Matthew Williams will then select the underlying managers within this asset-allocation framework.

Williams says he will predominantly take a fund of funds approach, investing mainly within the Prudential Group, which includes M&G. But the fund will not have the constraints of a conventional fettered fund of funds as Williams will be able to hold money directly in asset classes such as equities and will also be able to hold externally managed funds if desired.

Williams says the funds could have been launched earlier on the back of Prudential’s experience of multi-asset investing through with-profits, but the greater flexibility available under the Nurs structure was a deciding factor in coming to the market now.

Williams says: “Prudential has skills in a lot of asset classes and I think a lot of internal funds hit all the right buttons. I will use external funds only if I feel the internal funds are not up to scratch or in areas we do not have an offering, such as funds of hedge funds.”


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