The Prudential Insurance Company of America (PIC), the New Jersey-based financial services giant, has announced new investment product for affluent investors - a global asset management programme aimed at non-US clients called Strategist.
PIC, which has no connection to the UK-based Prudential PLC, says Strategist is 'an innovative fee-based programme that uses country-related and sector asset classes to build portfolios matched to clients' risk and return objectives. These goals are identified through a sophisticated on-line profiling methodology. More than 100 model portfolios have been created for Strategist and each portfolio will be actively managed by a world-class investment team with discretionary authority. The model portfolios range from relatively aggressive all-equity to more conservative mixtures of stock and bond instruments.'
With a minimum investment of US$50,000, Strategist is available to individuals and institutions seeking growth opportunities in global equity and bond markets. Strategist is currently available through Prudential's securities offices worldwide. Negotiations with independent distributors are also underway. The programme is not available to investors in certain countries - the Netherlands being one named by PIC - and to investors who are US citizens or residents.
Douglas Clark Johnson, vice president and director of Asset Allocation Services for Prudential's international investments operations, the offshore investment product unit of the PIC, commented: 'Strategist offers private-banking style asset management at competitive rates. We believe Strategist is the first programme that uses information technology to integrate client profiling, asset allocation, global investment management, trade execution, and client reporting services. That integration affords us the ability to offer a streamlined approach to personalized asset management.'
Strategist claims to make global access to equities and bonds simple and affordable for investors. Traditionally such services have been reserved for institutional accounts and high net worth individuals. The so-called mass affluent market is expected to mushroom in the coming years and PIC is by no means the first company to cash in on this growing market. Names such as HSBC and Merrill Lynch, who have set up a joint venture, have joined the game. As far as Strategist is concerned, PIC expects at least US$1bn in the product by the end of its first year, and has put in U$350m of its own seed money to get it going.
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