Curian Capital, an asset management unit of Jackson National Life Insurance Company, has stopped accepting new accounts and is closing its business by the end the first quarter of 2016.
Jackson, headquartered in Lansing, Michigan, is owned by Prudential of the UK.
Mark Mandich, interim president and CEO of Colorado-based Curian, said, "When Curian launched 12 years ago, the competitive landscape and market trends favourably supported the business. Given the industry-wide changes in technology, product offerings and market size, Curian has determined that it is no longer commercially positioned to provide clients high value investment programmes over the long term."
Mandich added, "This was a difficult decision." Curian will continue to manage existing accounts actively into 2016 to allow financial professionals and clients sufficient time to plan for the transition of accounts.
The Curian announcement comes just two months after Jackson CEO Mike Wells was appointed CEO of Prudential and was succeeded at Jackson by Barry Stowe, previously head of Asia.
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