NU Online News Service, Dec. 2, 4:47 p.m. – Prudential Financial Inc., Newark, N.J., is setting up a program to sell managed account services through the U.S. broker-dealer system of ING Groep N.V., Amsterdam.
Pershing, a unit of Credit Suisse Group, Zurich, will handle custody and clearing services for the new program, Prudential says.
A managed account is a large, diversified investment account run by a professional money manager. Financial services companies are presenting them as an alternative for wealthy individuals who are unhappy with mutual funds.
The new ING program is an extension of a managed accounts program that Prudential started in 1999.
The ING broker-dealers selling the Prudential services will be the Financial Network Investment Corp., IFG Network Securities, Locust Street Securities, Multi Financial Securities, VESTAX Securities Corp. and Washington Square Securities.