Prudential has established a 100-strong best of breed fund range in consultation with OBSR, available...
Prudential has established a 100-strong best of breed fund range in consultation with OBSR, available via several of its on and offshore wrappers.
The PruSelect suite is accessible via Pru’s Investment and Flexible Investment Plans, the Flexible Retirement Plan including individual pensions and Income Drawdown, and the Portfolio Account from Prudential International.
Advisers can either create a bespoke portfolio or use one of seven pre-selected packages with varying risk profiles. There are two income portfolios in the risk-graded range, as well as growth packages ranging from one to five covering the spectrum from cautious to aggressive.
PruSelect vehicles will sit alongside Prudential’s existing range, with the group anticipating a degree of overlap in the underlying funds.
At launch the list of funds selected by OBSR includes core offerings from major groups, such as BlackRock UK Absolute Alpha, Invesco Perpetual High Income and M&G Corporate Bond.
Overall, 27 groups are represented on the list and Artemis and Jupiter have the most funds included, with nine each. Clients can also include Pru’s own funds in their portfolio selection.
OBSR will review its underlying fund selection every quarter.
When funds undergo manager or mandate changes, Pru will write to advisers suggesting replacement vehicles. The switch is not made automatically as the group believes under TCF if it is better to give clients the choice to hold or sell a particular fund.
Prudential’s director of investment funds Andy Brown said: “Advisers told us they wanted consistency of a range across everything from pension products to offshore bonds, regardless of provider, to enable them to take a holistic approach.
“They also wanted someone independent to filter and research fund groups, and we thought OBSR would be able to ensure managers are meeting client expectations.”
