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Prudential to merge UK businesses to create M&G Prudential

FTSE 100-listed Prudential is to combine its UK savings and investments businesses to create a single entity named M&G Prudential.

The combined business will manage £332bn of assets for six million customers.

In an announcement as part of its half-year results today, the group said it will combine M&G's active fund management expertise with Prudential UK & Europe'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.

The unified business will also be "better positioned to develop and fund joint product propositions and to build new digital services and distribution to meet fast changing customer needs," the group said.

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

Both Anne Richards and Clare Bousfield, CEO Insurance for Prudential UK&E, will become deputy chief executives of M&G Prudential.

Uploaded - 5 October 2017

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