The $1.4 trillion global investment management business of Prudential, PGIM, just announced a partnership with iCapital Network to provide their clients more streamlined access to the firm’s real estate, private credit and other private alternative investment solutions.
With approximately $235 billion across alternative products, PGIM will rely on iCapital’s customized technology to augment distribution and servicing capabilities for financial advisors and high-net-worth clients. iCapital’s technology will provide a seamless end-to-end alternative investing capability that includes automated subscriptions, administration, document management and reporting, according to the joint announcement.
“PGIM has a long history of managing alternative asset classes which have traditionally been offered to the firm’s institutional clients,” said President and CEO of PGIM Investments Stuart Parker. “We are excited to utilize iCapital’s intuitive technology platform to provide PGIM’s institutional-quality alternative investment solutions to our retail clients.”
PGIM Investments provides financial advisors with a range of investment solutions through its unique multi-manager structure, which features highly specialized independent asset management experts with deep category expertise singularly focused on delivering investment returns for clients.
The funds and assets served by iCapital Network has grown rapidly and as of the June 30 totaled more than $52 billion in client assets across 497 funds. In mid-June officials announced a deal to acquire the alternative investments platform of Wells Fargo’s Global Alternative Investments division.
“Supporting the high-net-worth advisory space with innovative technology has been the enduring priority for iCapital since we started the business, and our fully digital offering has proven to offer a distinct advantage as advisors execute remote business operations,” said iCapital Chairman and CEO Lawrence Calcano. “We see this relationship as further testament to our efforts to equip the asset and wealth management industries with an industry-wide solution, and we are truly honored that PGIM Investments has chosen to work with us.”