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Bids, Mergers and Takeovers

Prudential to combine UK businesses

10 August 2017 09:49

Prudential has revealed plans to combine its asset manager M&G with Prudential UK & Europe to form M&G Prudential.

The company said this would create a leading savings and investments business positioned to target growing customer demand for comprehensive financial solutions.

The combined business manages £332 billion of assets for over 6 million customers, both in the UK and internationally, having quadrupled its total external assets since 2008.

The group said the new entity will combine M&G's active investment expertise with Prudential UK&E's capabilities in volatility-adjusted savings and liability-driven investment to provide more choice for customers across both brands through retail, institutional and direct channels.

John Foley, currently chief executive of Prudential UK&E, will become chief executive of M&G Prudential and remains a member of the Prudential plc board.

Anne Richards will remain chief executive of M&G and a member of the Prudential plc board.

Both Richards and Clare Bousfield, CEO insurance for Prudential UK&E, will become deputy chief executives of M&G Prudential. Foley said: "Prudential UK&E and M&G both offer well designed solutions which help investors meet their most important financial goals. Combining their complementary strengths allows us to provide greater choice to a wider range of customers."

At 9:49am: (LON:PRU) Prudential PLC share price was -23.5p at 1818p

Story provided by StockMarketWire.com

Related Company: PRU

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