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Rating:Pru Inks New Distribution Agreements Not Rated 3.0 Email Routing List Email & Route  Print Print
Wednesday, September 08, 1999

Pru Inks New Distribution Agreements

Reported by Jason Shank

Prudential Investments has announced new distribution agreements for several of its mutual funds. Firstly, Prudential mutual funds -- with the exception of its money market funds -- will be made available through Fidelity's Institutional Funds Network.

Meanwhile, Charles Schwab & Company has decided to offer Prudential's Series Fund Equity Portfolio (as part of a newly created class of shares) through its Select Annuity product, an annuity issued by Great-West Life and distributed by Schwab.

And finally, Federated Trust's Connect Program will include Prudential funds on its trading platform for bank advisory departments.

"We are pleased that Prudential's asset management capabilities are being embraced by a broad range of investment advisory, variable annuity and 401(k) platforms," stated Kevin Osborn, senior vice president, Prudential Investments Advisory Group.

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  • Pru and ReliaStar of Minneapolis, Minnesota have also inked a new deal whereby Pru funds will be available through ReliaStar's ChoiceOne 401(k) group annuity. ChoiceOne is tarted toward small and mid-sized sponsors.

    The six funds that will be included in this arrangement are: Prudential's Small Company Value Fund Inc. (PGOAX), Europe Growth Fund Inc. (PRAEX), World Fund Inc./ Global Series (PRGAX), World Fund Inc./International Stock Series (PWGZX), Jennison Growth Fund (PJFAX) and International Bond Fund Inc. (GGPAX).

    "ReliaStar will offer these funds as part of their ChoiceOne menu," a spokesperson with Prudential told InvestmentWires. "This is the first time we have had such a relationship with that firm."

    In July 1998, Prudential formed a group to offer its products, investment platforms, and mutual fund wrap programs to independent financial advisors. The spokesperson noted that Prudential does not have many agreements where its funds are offered as part of another vendor's 401(k) offerings, but it is working to change that. "That operation has been underway for about a year now," the spokesperson added. 

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