The teams at BlackRock [profile] and PGIM Investments [profile] each recently started up key distribution deals with the same important ally.

Kyle Andersen, principal of managed investments at Edward Jones, confirms that BlackRock and PGIM both have become strategic product partners of the St. Louis-based broker-dealer. With BlackRock and PGIM added in, Edward Jones nows has ten strategic product partners (formerly preferred partners), including: Capital Group's American Funds, Franklin Templeton, Hartford, Invesco, J.P. Morgan, John Hancock, Lord Abbett and MFS, in addition to BlackRock and PGIM.

BlackRock and PGIM both joined the Edward Jones strategic product partners list last Thursday, a spokesman for the B-D confirms.

"The addition of PGIM and BlackRock comes as part of our ongoing review process of our product partners," the spokesman confirms. "We actively monitor and review our partners' overall strategic alignment, operational capability, product strategy and product offering, sales and distribution capabilities, and culture of compliance."

Stuart Parker, president and CEO of PGIM Investments, says that the Edward Jones alliance deepens PGIM's existing partnership with the B-D. Salim Ramji, head of BlackRock's wealth advisory business, similarly calls the deal a furthering of PGIM's relationship with Edward Jones.

Edward Jones has more than 16,000 financial advisors in 13,000 offices across all 50 states. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE