M&G today announces the appointment of Kirsty Wright as Director of PruFund Proposition, as the firm seeks to further develop its flagship PruFund range of funds. In the newly created role, Kirsty is responsible for developing new propositions within the £62 billion smoothed multi-asset PruFund range, first launched in 2004, and is now invested in by over 450,000 customers in the UK, advised by 5,000 advice firms.
Kirsty joins M&G’s life insurance business from LV= where she was Head of Wealth Proposition. Over the last 17 years, she was responsible for the proposition development strategy for its pensions, annuities and investment propositions, including the firm’s Smoothed Managed Fund With-Profits proposition.
Designed to meet increasing customer demand for long-term savings solutions, PruFund’s long-term performance track record and globally diverse asset allocation appeals to savers seeking consistent investment returns over the medium to long term (10 to 15 years or more), while the fund’s smoothing mechanism helps to reduce the impact of market fluctuations, providing a more stable investment experience. Over the last 20 years the PruFund Growth fund has delivered an annualised return of 5.38%1. This means that an investment of £50,000 at launch in November 2004 is now worth £140,7662.
Due to its size and scale, customers have exposure to investments such as infrastructure, real estate and unlisted companies, with between 25-30% of the range invested in alternative asset classes, drawing on the heritage and experience of M&G’s asset management business of investing in these areas.
Over the past 20 years, the range has grown to meet a variety of customer needs and risk appetites across major tax wrappers, including onshore and offshore bonds, ISAs, and pensions. Most recently, clients have been able to access to the range of funds via a platform for the first time. M&G will now focus its strategy on making PruFund as accessible as possible by replicating this model across multiple platforms in order to drive growth.
Anusha Mittal Managing Director, Individual Life and Pensions, said: “I’m delighted to welcome Kirsty to M&G. Our PruFund range now has a 20-year track record of delivering smoothed returns for customers and protecting from short-term market volatility which can be an attractive feature for those seeking to preserve capital as they head towards or enter retirement.
“We are able to combine the powerful investment, smoothing and distribution capabilities within M&G to develop innovative retirement solutions that meet the changing lifestyle needs of clients. Kirsty’s appointment will be pivotal as we build on PruFund’s success and further expand its availability.”
Kirsty Wright, Director of PruFund Proposition, said: “PruFund is a unique proposition in the market and has a fantastic reputation for delivering for customers. I look forward to the next stage of PruFund’s development as we seek to widen its distribution, providing more advisers with access to well-diversified, low-volatility investment solutions for their clients, which give them the confidence to invest and grow their savings over the long-term.”
