PGIM sets sights on significant UK expansion

Added 28th April 2016

The growing institutionalisation of the UK retail investment market provides the perfect backdrop for PGIM’s ambitious plans for the European expansion.

PGIM sets sights on significant UK expansion

Announcing on Thursday that its UCITS platform surpassed $1bn in assets at the end of the first quarter, the international arm of US-listed Prudential Financial said it plans to double its current range of 10 UCITS funds in the next 18 months.

Having hired former Investec man Charlie Wilson as head of distribution at the end of 2015 and rebranding from Pramerica Investment Management at the beginning of 2016, the firm feels that the time is ripe for growth.

“PGIM’s service model tends to resonate with the professional buyer,” Parker told Portfolio Adviser, “To be successful in the old market you needed to have lots of sales people, but increasingly this is no longer the case.”

Wilson added: “Post RDR there was a bifurcation within the UK market as the retail market and there was an increasing institutionalisation of the retail market in fewer, more professional hands, which has played into our favour.

According to Parker, the current fund range is based on existing strategies managed by PGIM’s wholly-owned investment Managers, PGIM Fixed Income, Jennison Associates, QMA, and Pramerica Real Estate Investors and it expects that the new funds to be introduced will follow the same patten.

“Investors globally are very similar and there are two main themes playing out at present,” said Parker, “Income and protection. Both of these are areas where we feel we can add value to the market.”

But, he added: “We don’t want to be a mile wide and an inch deep. In 2008 the US Mutual fund business was $20bn, now it is $80bn. We are here, and we are going to stay here. It is not a question fi if but when we will be successful.” 

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Geoff Candy

Group digital editor

Geoff Candy joined Portfolio Adviser as News Editor in May 2014. He has been a financial journalist and broadcaster since 2005 and, in that time has worked in both South Africa and the Netherlands, covering everything from high street retailers and construction companies to mining and insurance.



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