PGIM Investments, the investment business of Prudential Financial, has brokered a deal to purchase New York-based direct indexing firm Green Harvest Asset Management for an undisclosed amount.

The deal is expected to close in the fourth quarter of the year.

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Founded in 2017, Green Harvest is a separately managed account (SMA) platform that offers customised solutions for high-net-worth (HNW) investors.

The firm also specialises in creating and managing exchange-traded funds (ETF) portfolios with focus on the US, global and custom indices.

Its SMA strategies are said to employ direct indexing through the use of ETFs to provide ‘improved after-tax outcomes’ for clients.

The addition of Green Harvest is expected to help PGIM expand its range of investment solutions and capabilities.

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PGIM Investment president and CEO Stuart Parker said: “With markets near all-time highs and potential tax increases on the horizon, understanding the impact of capital gains taxes and implementing strategies focused on after-tax results are critically important for investors, particularly those in the ultra-high-net-worth category.

“This acquisition underscores our commitment to meeting the evolving needs of our clients and we are pleased to welcome Green Harvest on board.”

Under the terms, Green Harvest will join PGIM Investments’ retail platform.

Green Harvest CEO Robert Holderith said: “We see tremendous value in combining Green Harvest’s capabilities with the strength and stability of PGIM Investments and look forward to bringing PGIM’s clients personalised solutions to meet their investment objectives.”

In July this year, PGIM agreed to acquire Montana Capital Partners to bolster its alternatives offering.

Last year, the firm teamed up with fintech firm iCapital Network to boost its distribution and servicing capabilities.