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.
Your Business: Cover Star Club

Profile: SGPB Hambros' CIO on local answers to global challenges

Profile: SGPB Hambros' CIO on local answers to global challenges

As people become more internationally mobile, Eric Verleyen believes he can learn from how the children of clients view the world.

Wealth Manager on Twitter