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
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.
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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