Pru Life (Philippines), a subsidiary of global insurer Pru Life UK, has launched a local bond fund that targets millionaire clients. 

PruLink Asian Local Bond Fund, the new fund, is designed for single-pay policyholders who pay at least Php1 million (approx $23,000) in premiums at one time. The fund is structured as a feeder fund that allows clients to ride on offshore funds from other Asian countries. It will invest in the International Opportunities Funds-Asian Local Bond under Prudential Asset Management (Singapore), which works primarily with fixed-income or debt securities issued by Asian firms or their subsidiaries. 

"We came up with the PruLink Asian Local Bond Fund to enable our clients to diversify their basket of investments under Pru Life UK insurance policies. We believe that Asia will lead in driving global growth in the next 50 years and this fund would provide our clients a venue to participate in this growth," said Antonio De Rosas, president and chief executive of Pru Life Philippines.

The new fund is initially available to new and existing dollar-denominated PruMillionaire policyholders and requires a minimum initial investment of at least $20,000. PruMillonaire is the firm's single-premium policy worth Php1 million and above. Under this scheme, policyholders have the option to invest a portion of their payment to any of the seven funds under the programme. 

"We'll make the amount lower as we introduce this to our other products," added De Rosas.