PGIM is to double the number of Ucits funds it offers to UK investors after its existing range passed $1bn (£690m) in assets.
The multi-boutique fund house, formerly known as Pramerica, is the asset management arm of US insurer Prudential Financial. It has launched 10 Dublin-domiciled Ucits thus far, which are now being promoted to UK investors, and will add to this figure in the coming months.
The firm’s UK retail push is led by former Investec Asset Management head of UK retail Charlie Wilson. Mr Wilson joined PGIM in December after leaving Investec last April.
Its European Ucits platform, launched last year, has already seen the transfer of US-run strategies from its PGIM Fixed Income, Jennison Associates, QMA and Pramerica Real Estate Investors boutiques.
Strategies already launched include US corporate bond, European high yield and emerging market fixed income funds, alongside two quantiative equity strategies from QMA.
The $1bn of capital in the funds is a combination of institutional mandates and seed capital from other investors.
Stuart Parker, chief executive of PGIM Investments, said the firm was in the process of organising sterling share classes for its existing funds to make its Ucits platform “more accessible” to intermediaries.
He said the advent of the RDR in the UK and similar structural reforms across Europe enticed the firm to move over, with professional fund buyers being the target clients.
PGIM, which has $960bn in assets under management, runs around 65 strategies in the US but will limit how many transfer onto its Ucits platform.
Mr Parker said: “There are a lot of similarities between US buyers and buyers in Europe, but they are not the same so we will adapt.”
