Prudential's fund arms to use BlackRock's Aladdin platform
A shareholder arrives at Prudential's annual general meeting in central London June 7, 2010. Insurer Prudential reported stronger sales growth ahead of its annual investor meeting, in an effort to appease shareholder anger over its failed bid for AIG's AI
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LONDON (Reuters) - Prudential (NYSE: PRU) will start using BlackRock's (NYSE: BLK) Aladdin platform within its 562 billion pound ($695.98 billion) asset management businesses, the British insurer said on Tuesday.
Prudential will use the Aladdin platform for its UK fund arm M&G Investments, Asian asset manager Eastspring, the Prudential Portfolio Management Group (PPMG), and U.S. asset manager PPM America, Prudential said in a statement.
BlackRock's Aladdin operating system is used by asset managers to help manage the risk in their portfolios and assist them in trading, data management and other operations. BlackRock is the world's largest asset manager.
"Aladdin... will make our asset managers more efficient and broaden their capabilities," Prudential chief executive Mike Wells said.
(Reporting by Carolyn Cohn; editing by Simon Jessop)
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