Prudential has appointed Capita Financial Managers as the authorised corporate director for its seven Oeics.
The move sees Prudential shift from using multiple service providers for the management, administration and fund accounting to one single consolidated provider.
As of 3 November 2014, Capita Financial Managers will take over the management, transfer agency and fund accounting for Prudential’s Adventurous, Balanced, Cautious, Cautious Growth, Cautious Managed, Defensive and Managed Defensive Portfolio funds.
The fund names will be prefixed with the initials CF but there will be no change to the investment management and objectives of the Prudential Oeics and the fund charges will also remain unchanged.
Prudential head of commercial investments Mike Fleming says: “Having recently conducted a review of the structures that underpin our funds and how they are serviced to best support investors, we have decided to consolidate this activity with a single provider. We have chosen Capita Financial Managers, based on its market-leading position and experience, to provide these services.”
Capita Financial Managers chief executive officer Chris Addenbrooke adds: “The deal with Prudential builds upon the partnership we have established over many years administering its life and pensions policies and allows it to achieve robust service efficiencies and scalability in its operations.”