M&G has partnered with platform technology provider FNZ to expand access to its flagship £64bn PruFund range through UK platforms.

This partnership will result in the PruFund range becoming available on FNZ-powered platforms, supported by FNZ's Q-Hub technology, later this year.

M&G said that this would allow it to expand its distribution reach to third-party platforms for the first time.

PruFund has gained around £64bn of investment from more than 450,000 individual policyholders in the UK over the last 20 years, advised by 5,000 advice firms.

M&G stated there was a growing demand for ‘smoothed’ solutions offering volatility protection and flexible retirement income solutions for individuals looking to preserve capital.

It added that the PruFund’s globally diverse asset allocation enabled retail investors to access private assets, a medium- to long-term outlook for investors looking to beat benchmark investment returns, and the fund’s smoothing mechanism that aims to reduce the impact of market fluctuations.

Clients using the PruFund range have exposure to alternative investments such as infrastructure, real estate and unlisted companies, with between 25 and 30 per cent of the range invested in alternative asset classes.

Commenting on the partnership, M&G managing director, individual life and pensions, Anusha Mittal, said: “This agreement with FNZ is an important step in our ambition to grow and diversify access to PruFund in the retail advised platform market.

“We are enabling advisers greater choice and flexibility in how they invest on behalf of their clients by making the market-leading smoothed product available to as many people as possible.”

FNZ group head of UK, Alastair Conway, added: “Our ambition is to open up wealth by using our industry-leading technology to make savings products more affordable, personalised and accessible for more people.

“We’re excited to be bringing M&G’s PruFund range to advisers and their clients via our FNZ-powered UK platforms later this year.

“This reflects our commitment to expanding investment choice and helping everyone, everywhere invest in their future on their terms.”

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