going against the grain

With-profits funds have suffered bad press in recent years. The scandal of Equitable Life's near collapse in 2000 has been enough to deter many investors from putting their money in any with-profits fund at all. But according to Martin Brookes, director of portfolio management at Prudential, it is unfair to tar them all with the same brush. The Prudential With-Profits fund has produced a pre-tax return of 12.4 % over 2006, maintained annual bonuses at existing levels and increased year-on-year payouts by more than 10% across the majority of policies. Over five years, the total returns hav...