Prudential announce major tie-up

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Prudential announce major tie-up
Prudential Assurance Building at 138 - 142 Holborn Photo Credit: Wikimedia

PRUDENTIAL PLC has announced that it is to combine Prudential UK & Europe and its asset manager M&G, to form a leading savings and investments business that is ideally positioned to target growing customer demand for comprehensive financial solutions.

The market for savings and investments is changing fast – and Prudential are changing with it. They believe they’ll be better placed to meet the changing needs of customers and financial advisers by combining the complementary strengths of Prudential UK & Europe and M&G.

The two businesses already collaborate closely. M&G manages most of Prudential’s UK life assets, including two-thirds of the very successful PruFund. So the creation of the new business being announced is a logical step.

Prudential UK & Europe is a leader in the provision of managed funds through PruFund, which offers smoothed returns to protect savers from the extremes of market volatility. They are also a leading player in the retirement income and pension savings markets.

M&G is recognised for its active fund management across the full range of major asset classes – from bonds and equities, to multi-asset, real estate and private debt. M&G also has an extensive institutional and wholesale distribution network.

In this new combined business – which is called M&G Prudential – they will be able to invest more efficiently in the growth of the business, including the improvement of customer service through new digital channels. They will also have the larger scale to enable them to meet the evolving needs of customers and advisers more effectively.

Their priority, of course, is to build this new business without any disruption to services to existing customers. There should be little change in the interactions that both customers and advisers have and they are keeping both brands – Prudential and M&G.

They believe this is a powerful combination of businesses which will enable them to offer a wider choice of propositions and a better service to their customers and advisers.

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