Prudential has selected Capita Financial Managers as authorized corporate director (ACD) for its seven open ended investment company (OEIC) funds, effective 3 November 2014.
From 3 November, Capita will assume the management, transfer agency and fund accounting functions for the seven funds including Prudential Adventurous, Balanced, Cautious, Cautious Growth, Cautious Managed Growth, Prudential Defensive and Prudential Managed Defensive funds.
The move will consolidate the funds current multiple service providers into a one single consolidated provider.
However, the investment management and objectives as well as the fund charges of the Prudential Oeics will remain unchanged.
Additionally, Capita will service and administer the funds through its sister company Capita Financial Administrators and will prefix the fund names with the initials CF.
Mike Fleming head of commercial investments at Prudential said: "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."
Chris Addenbrooke CEO of Capita Financial Managers said: "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."