Prudential International has added 20 unit-linked funds to its existing International Prudence Bond ...
Prudential International has added 20 unit-linked funds to its existing International Prudence Bond fund range, taking the total offerings to 45.
The additions are available to investors in the UK, the Channel Islands, Europe and the Middle East. All funds will be available in euro, dollar and sterling with the minimum investments being e30,000, $30,000 and £20,000. The international bond is domiciled in Dublin.
Matthew Williams, director of Prudential's Portfolio Management Group, said: "The decision to increase the range was partly because the with-profits market has moved on and we wanted to complement our range of existing funds."
Although the with-profits market has attracted business in countries such as Belgium and Austria, in the UK market investors have become fearful following the drop in bonus rates and problems surrounding endowment mortgages. Prudential still believes there is a need for with-profits-style funds, and at present the group offers three with-profit products and seven managed or balanced portfolios inside the international bond.
Of the products to be added, six are managed portfolios while the rest are made up of asset-based funds and specialist portfolios. Products chosen include funds from M&G, HSBC, Fidelity, Mellon, Morgan Stanley and Baring Asset Management. All funds have been risk-graded to help advisers match their clients' needs and cater from low to high-risk portfolios.
James Tothill, international development manager at Prudential, said: "From a UK-based adviser's point of view, this could be a solution, for their clients who live overseas or are looking to retire abroad and need a base currency other than sterling.
"This is a growing market - there are now about one million retired British people living overseas and this is forecast to rise to five million by 2020."
Lack of innovation for solutions
Some 2,000 consumers affected
Achievements, charity work and other happy snippets
Appetite has suffered since Brexit vote
'Failure to pay attention can result in enforcement'