Prudential International has introduced a guided architecture element to its Portfolio Account offshore bond.
PruSelect aims to narrow down the range of funds on offer for advisers whose clients may neither want nor need the choice between the full 2,500 funds available through the portfolio bond, launched earlier this year. In association with Old Broad Street Research, the new facility offers the choice of about 100 ‘best of breed’ funds.
Richard Leeson, head of UK development for Prudential International, said: “The addition of the PruSelect fund range enables advisers to meet the needs of different clients in a highly cost-effective manner. For some clients, a wide choice of funds will be desirable. For others, the funds in the PruSelect range will provide a more manageable set of choices, saving advisers time and reducing costs as the funds have been professionally researched.”
There is also the choice of seven risk-rated sample portfolios, with asset allocation provided by Prudential’s Portfolio Management Group and fund selection undertaken by OBSR.
Leeson added: “The portfolios can also be used as reference points – they don’t have to be adopted as a whole. Advisers can substitute one fund for another, or use the portfolios for core holdings and add further satellite funds.”
The introduction of the Portfolio Account has helped drive strong new business numbers for Prudential International, with sales of £48m (annual premium equivalent) in the first nine months of 2008, a 41% increase on the same period in 2007.
“This strong performance reflects the continuing success of our Portfolio Account, which appeals to advisers for its wide fund choice, flexible charging options and the preferential terms available for the majority of funds,” commented Leeson.
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