PGIM Investments and iCapital Network® Announce Partnership to Enhance Access to Alternatives
Trillion-dollar asset manager will integrate iCapital Network technology to power seamless alts experience for HNW advisor channel
NEW YORK–(BUSINESS WIRE)–PGIM Investments, the retail distribution arm of PGIM, Inc., the $1.4 trillion global investment management business of Prudential Financial, Inc. (PFI), and iCapital Network1, the leading financial technology platform driving access and efficiency in alternative investing for the asset and wealth management industries, today announced a partnership in which iCapital will provide a customized technology solution to augment PGIM Investments’ distribution and servicing capabilities. The partnership will support financial advisors and their high-net-worth clients, allowing them to more easily access PGIM’s real estate, private credit and other private alternative investment solutions.
Designed to overcome many of the long-standing challenges of investing in alternatives, iCapital’s technology will provide a seamless end-to-end alternative investing capability that includes automated subscriptions, administration, document management and reporting. The new partnership with PGIM Investments will streamline distribution and access, ease operational burdens, and improve the user experience, empowering the advisor community to provide the highest level of service to their clients.
“PGIM has a long history of managing alternative asset classes which have traditionally been offered to the firm’s institutional clients,” said Stuart Parker, President and CEO of PGIM Investments. “We are excited to utilize iCapital’s intuitive technology platform to provide PGIM’s institutional-quality alternative investment solutions to our retail clients.”
PGIM is the third-largest2 alternatives manager globally, with approximately $235 billion in AUM3 across private real estate debt and equity, private credit, hedge fund and infrastructure products. 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.
“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 Lawrence Calcano, Chairman and Chief Executive Officer of iCapital Network. “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.”
About PGIM Investments
PGIM Investments LLC is a leading fund, ETF and separately managed account provider, offering more than 100 funds globally across a broad spectrum of asset classes and investment styles. All products draw on PGIM’s globally diversified investment platform that encompasses the experience of managers across fixed income, equities and real estate.
PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world4 with more than $1.4 trillion in assets under management as of June 30, 2020. With offices in 16 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives.
Funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company, member SIPC.
Investing involves risks. Some investments have more risk than others. The investment return and principal value will fluctuate and the investment, when sold, may be worth more or less than the original cost and it is possible to lose money. Past performance is not a guarantee of future results. Asset allocation and diversification do not assure a profit or protect against loss in declining markets.
About iCapital Network
iCapital Network’s mission is to power the world’s alternative investment marketplace. Its financial technology platform has transformed the way alternative investments are bought and sold through the development of tech-based solutions for advisors, their high-net-worth client base, asset managers, and banks. The firm’s flagship platform offers advisors and their clients access to a curated menu of private equity and hedge funds at lower minimums with a full suite of due diligence and administrative support in a secure digital environment. Asset managers and banks leverage iCapital Network’s tech-enabled services to streamline and scale their private investments operational infrastructure. iCapital was recognized in the 2018, 2019, and 2020 Forbes FinTech 50 which highlights the top 50 innovative financial technology companies that are transforming finance through technology. As of June 30, 2020, iCapital Network services more than $52 billion in client assets across 497 funds.
For additional information, please visit the Company’s website at www.icapitalnetwork.com | LinkedIn: https://www.linkedin.com/company/icapital-network-inc | Twitter: @icapitalnetwork | Facebook: https://www.facebook.com/icapitalnetwork/
This material is provided for informational purposes only and is not intended as, and may not be relied on in any manner as legal, tax or investment advice, a recommendation, or as an offer to sell, a solicitation of an offer to purchase or a recommendation of any interest in any fund or security offered by Institutional Capital Network, Inc. or its affiliates (together “iCapital Network”). Past performance is not indicative of future results. Alternative investments such as those described are complex, speculative investment vehicles and are not suitable for all investors. An investment in an alternative investment entails a high degree of risk and no assurance can be given that any alternative investment fund’s investment objectives will be achieved or that investors will receive a return of their capital. The information contained herein is subject to change. This industry information and its importance is an opinion only and should not be relied upon as the only important information available. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed.
Securities may be offered through iCapital Securities, LLC, a registered broker dealer, member of FINRA and SIPC and subsidiary of Institutional Capital Network, Inc. iCapital is a registered trademark of Institutional Capital Network, Inc. All rights reserved
1 Institutional Capital Network, Inc. and its affiliates (together, “iCapital Network” or “iCapital”)
2 Rankings per Willis Towers Watson Global Alternatives Survey 2017.
3 Data reflects AUM as of March 31, 2020. Alternatives AUM represents hedge fund, mezzanine and other private credit, real asset and infrastructure products across all PGIM businesses.
4As ranked in Pensions & Investments’ Top Money Managers list, May 27, 2019; based on Prudential Financial total worldwide institutional assets under management as of Dec. 31, 2018. Assets under management (AUM) are based on company estimates and are subject to change.
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