Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Pru to invest £100m in UK diversification push

Pru to invest £100m in UK diversification push

Prudential is to spend £100 million developing its UK business, in a move designed to counter the impact of the Budget pension changes on its domestic business.

The investment, which equates to around 14% of its UK’s arms annual profits, will be used to build its PruFund ISA and flexible drawdown products and to build its presence on external platforms.

The two year project to diversify the business was presented to investors by Jackie Hunt (pictured), who was brought in from Standard Life to run Prudential’s UK arm.

Hunt said of the planned areas of development: 'The ones [developments] we have been vocal about and talked about in the past: PruFund ISA, flexible draw-down products, getting onto external platforms. I should say the platform solution, we think, is critical. But actually, it is single-digit millions in terms of it as an investment, so pretty modest.

'I do not think we necessarily need to own a platform. We need to have technology and products that can work on various solutions.'

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Volatility is back, Europe's future & Ethical's key moment

Volatility is back, Europe's future & Ethical's key moment

This week’s episode of Investment Pulse takes a look at European prospects, FTSE volatility and whether public pressure is about to provide a push for ethical investment

Play Volatility spike: How ETFs can soften the blow

Volatility spike: How ETFs can soften the blow

ETFGI’s Deborah Fuhr discusses the role of ETFs in client portfolios during volatile market conditions

Play Winter market warmers, the post QE world and timing the Fed

Winter market warmers, the post QE world and timing the Fed

This week’s episode of Investment Pulse looks at the winding down of quantitative easing, whether to try and time a US Federal Reserve rate rise and if strong seasonal performers can reverse recent market slumps

Wealth Manager on Twitter