UK - Prudential has become the latest defined contribution provider to offer scheme members access to multi-manager funds.
The move comes after appointing Northern Trust Global Investments to its platform.
Northern Trust will provide three manager-of-managers funds to Prudential’s bundled DC package, the Money Purchase Pensions plan.
The funds are a UK equity fund, an international equity portfolio and a fixed income fund.
Rivals Invesco Pensions, Friends Provident and Escher TEAMS already offer multi-manager funds to the DC market as part of a bundled and unbundled package.
Prudential UK director Andy Biggs said: “Research has identified that the corporate pensions market is looking for a bundled DC scheme administered by a single provider.
“Working with Northern Trust will strengthen our investment proposition and provide real choice and a wide range of risk profiles to suit all of our clients.”
Northern Trust managing director Tony Earnshaw said: “Choice is now the dominant issue in the growing DC market. The embedded advice that comes with the appointment of a manager-of-managers is invaluable, aiming to deliver best-in-class managers in each asset class at any given time.”
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