Prudential puts £1bn of with-profits fund into US

equities

prudential's with-profits management team has doubled fund exposure to us market

Managers of the Prudential With-Profits Life Fund, famed for their investment decisions during the early Millennium bear market, have bought more than £1bn of US equities, doubling its exposure to the sector. Norwich Union has also increased its North American weightings while Scottish Widows and Standard Life are maintaining a neutral position. The Pru fund, which now has £65bn of assets, had its equity exposure slashed in the run-up to the dot.com crash and raised it back again during 2003 in time to reap the benefits of the market recovery. Its US purchases have been funded from sales...