The $947 billion investment management business of New York-listed Prudential Financial is targeting international expansion via a new UCITS platform.

US-based Pramerica Investment Management is establishing a UCITS platform to serve investors in the UK and Europe.

The business, which also announced it is changing its name to PGIM as of 4 January 2016, operates in 16 countries and provides a range of products across asset classes, including public and private fixed income, real estate debt and equity, and fundamental and quantitative public equities.

PGIM said the new platform will allow its businesses to build beyond existing fixed income UCITS to include a range of funds across asset classes offered to institutional and individual investors.

“Our clients expect investment managers to simultaneously find the best investment opportunities around the world, while upholding the most rigorous standards of risk management,” said the firm's chief executive, David Hunt. 

“The PGIM name represents our scale and our conviction to deliver time-tested, long-term solutions and outcomes for institutional and retail investors.”