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Pru eyes PruFunds D2C play in £250m digital investment

M&G Prudential has suggested it will open up its flagship PruFund range direct to customers as part of a £250 million investment in its digital service.

Pru eyes PruFunds D2C play in £250m digital investment

M&G Prudential has suggested it will open up its flagship PruFund range to customers without advisers as part of a £250 million investment in its digital service.

The with-profits PruFund range has been successful in recent years even though it is only available to advised clients. Assets under administration hit £35.9 billion at the end of 2017. 

Following the publication of annual results this morning, M&G Prudential’s chief executive John Foley (pictured) said direct to consumer (D2C) clients were a target market for the range. 

‘We will hopefully have more to say around that later in the year,' he said. 

Foley added a D2C offering for PruFunds will be part of a £250 million investment in improving M&G Prudential’s digital service, which will supplement its own advice arm. 

‘Quite candidly we have excellent sales through the intermediary channels and through Prudential Financial Planning but once we have digitised our offering to customers we would expect to see greater inflows through that channel - so that is effectively is the D2C channel,’ he said.

Under the £250 million investment plans the financial planning arm could receive a boost.  

‘We have been developing D2C and through Prudential Financial Planning, over the past few years and we will continue to do that. But I think the digital platform will make the big difference going forward,' Foley said.

‘We are spending £250 million of shareholder money in the M&G Prudential business to ensure that we not only give customers the right products, the right outcomes but also the right service…At the moment we are a fairly paper-based organisation and we need to able to deliver our products, services and communication through digital channels.’

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