M&G has opened its £70bn PruFund range to a third party platform for the first time, reaching an agreement to make the funds available to advisers on Scottish Widows Platform within the coming weeks. The arrangement builds on PruFund’s established place on the M&G Platform and forms the next stage of the firm’s platform expansion.
The launch arrives as advisers focus more closely on keeping clients invested, managing the effects of market volatility and turning long term savings into a sustainable retirement income. PruFund, which carries a 21-year track record, was designed to support people through the later stages of their investment journey, helping protect savings and ease the move into retirement.
Bringing one of the UK’s largest multi-asset fund ranges onto a leading retirement platform widens the choices available to advisers at a point when steady, dependable income matters most to their clients.
The first partner
The provider selected Scottish Widows Platform for its retirement expertise and a shared focus on guiding customers through changing market conditions. The platform is backed by the scale and stability of Lloyds Banking Group, and advisers already rely on it as the home for the pension and investment assets of more than 170,000 clients.
A strong record in digital innovation also shaped the decision. PruFund will sit within the platform’s Personal Pension and ISA wrappers, giving advisers a familiar route to a fund range many already know and trust.
“PruFund is a much loved fund that advisers trust to help clients manage income through retirement. We’re delighted that Scottish Widows will be its first third party platform, meeting strong demand from advisers for simple access to PruFund on a market leading, digitally enabled platform. Through the Scottish Widows Platform, advisers can offer a broader range of retirement income solutions with a modern, intuitive experience, straight through processing and significantly reduced administration.”
Jenny Davidson, Intermediary Wealth Director, Scottish Widows
PruFund to steady returns
PruFund uses scale, diversification and a smoothing process to help manage volatility. The range invests across more than 40 asset types around the world, spanning both public and private markets, from infrastructure through to property.
That breadth gives everyday investors access to opportunities that can be difficult to reach directly. The smoothing process is intended to soften the impact of market swings as clients begin to draw on their money, supporting steadier long term outcomes through the years when capital protection becomes a priority.
“This announcement supports our growth strategy by making it easier for advisers to access PruFund via their platform of choice. With a 21 year track record, PruFund is designed to help clients stay invested through market volatility, using smoothing and broad diversification to manage risk. Building on its established presence on the M&G Platform, the launch with Scottish Widows represents our first third party platform partnership and a significant step in extending PruFund’s reach.“
Clive Bolton, CEO, M&G Life
The tech behind the launch
The partnership was enabled through M&G’s relationship with wealth technology provider FNZ. Delivered via FNZ’s Q-Hub integration, the arrangement is designed to simplify adviser onboarding and cut the administration involved in accessing the fund, allowing advisers to spend more of their time supporting clients.
FNZ works with M&G and Scottish Widows across a network trusted by millions of advisers and customers, and the integration places a long standing multi-asset retirement solution within easy reach on a modern, digitally enabled platform.
“We’re excited to continue our relationship with M&G and support the expansion of PruFund onto the Scottish Widows platform. By leveraging FNZ’s technology, it will now be easier for advisers to access a long standing multi asset retirement solution for their clients. By working closely with organisations like M&G and Scottish Widows, trusted by millions of advisers and customers, we continue to open up wealth and help deliver better outcomes for more people.”
Andy Brodie, Group Head of UK, FNZ
The partnerships to come
The Scottish Widows launch marks the first milestone in a phased rollout of PruFund across additional third party platforms. By widening distribution in this way, M&G addresses a clear demand from advisers who want simple access to the fund on the platform of their choosing.
The approach supports the firm’s longer term growth by scaling access across the adviser market while keeping the experience straightforward at the point of use. Further platform partnerships are expected to follow as the rollout progresses, broadening the reach of PruFund to clients who are retired or approaching retirement and want capital protection without stepping out of the market.