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PruFund assets grow £10bn in one year

PruFund assets grow £10bn in one year

PruFunds continued to show why rivals are seeking to replicate it as assets grew by nearly £10 billion in the last year. 

Over the first nine months of the year the with-profits fund range increased sales by 32%, translating to net inflows of £6.6 billion. 

This brought total PruFund assets to £32.6 billion at the end of September. At the same time last year PruFund assets totalled £22.8 billion. 

New Model Adviser® revealed in June that Aviva was lining up a similiar proposition in a bid to attract some of the flows Prudential's range currently gets without competition.

The success of PruFunds is due in part to its popularity with advisers. Figures provided by the Association of British Insurers suggested that Prudential accounted for 30% of the adviser income drawdown market at the end of 2016. 

M&G Prudential, which was formed when life company Prudential merged with its asset management arm M&G earlier this year, recorded total assets under administration have now hit £336.5 billion. New business profit in the life business hit £234 million. 

Prudential group chief executive Mike Wells (pictured) said: 'In the UK and Europe we are focused on the opportunity presented by the converging life assurance and savings markets'.

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