PGIM Investments, the retail distribution unit of PGIM, has teamed up with fintech firm iCapital Network – which connects advisers and investors with alternative investment managers – to boost its distribution and servicing capabilities.
The investment manager will integrate iCapital technology to help its HNW clients easily gain access to its real estate, private credit and other private alternative investment offerings.
iCapital chairman and CEO Lawrence Calcano said: “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 advisers execute remote business operations.”
iCapital’s technology supports an end-to-end alternative investing capability covering automated subscriptions, administration, document management as well as reporting.
Leveraging the technology, the investment manager intends to streamline distribution and lower operational burdens.
PGIM Investments president and CEO Stuart Parker said: “PGIM has a long history of managing alternative asset classes which have traditionally been offered to the firm’s institutional clients.
“We are excited to utilise iCapital’s intuitive technology platform to provide PGIM’s institutional-quality alternative investment solutions to our retail clients.”
PGIM, Prudential Financial’s global asset management arm, managed over $1.4trn in assets at the end of June 2020 and has offices in 16 countries.
It delivers investment solutions for retail and institutional investors across different asset classes such as public and private fixed income, fundamental and quantitative equity, real estate and alternatives.
This March, iCapital raised $146m in a financing round led by Ping An Global Voyager Fund.
Besides, the fintech firm recently announced the acquisitions Artivest and Wells Fargo’s Global Alternative Investments Feeder Fund Platform.