markets & strategies
Prudential is gathering its forces to continue its campaign to revitalise its offshore business with a collection of product launches and service improvements aimed at the intermediary market.
One of the most significant initiatives will be the setting up of links to create and manage insurance wrappers for specialist investment houses. This discretionary management service (DMS) will allow companies such as Gerrards, Brewin Dolphin and Cazanove the ability to offering a discretionary portfolio management service seamlessly combined with a tax-efficient wrapper.
This new development should take place in November, although details for many of the changes are to be finalised at Prudential Offshore's mid-October strategic meeting.
An asset allocation tool will also be provided for advisers, although that will be done in-house but left to an unnamed third party. The tool will offer something similar to the one attached to the Selestia platform (although Selestia is not the third party in question).
In order to keep abreast with the increasingly sophisticated demands of intermediaries, a tax and trust specialist has been hired. Paul Kennedy has the task of revamping and streamlining Prudential's entire range of trusts so that wherever possible, the same product offerings will be available both on and offshore. The company hopes that its trust range will increase in popularity, as will its link to the trustee services provided by Anglo Irish Bank.
Richard Leeson, investment relationship manager for Prudential, is making a strong bid for new offshore business from corporate treasuries, with the launch earlier this year of a capital redemption bond and plans to complement that with cash management services.
This follows the strategy he put in place at his previous position at Scottish Equitable International.
The company started its push for new business this year with a new with-profits fund and a capital redemption bond. The with-profits bond has, in particular, sold very well.
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