Prudential and M&G merge for UK behemoth

By Paul Norman - Friday, August 11, 2017 8:57

Prudential announced this week that it was to merge its UK asset management arm M&G, on the the UK's biggest institutional commercial property investors and developers, with its European insurance unit.

The enlarged group, M&G Prudential, will bring together over 9,000 members of staff and £332bn in assets.

The group said it aimed to make cost savings of £145m a year from the merger until 2022.

The announcement has led to a number of media reports and analyst comments suggesting the businesses are being prepared for spin off or sale.

The merger comes in a period of consolidation UK fund manager, most notably the combination of Standard Life and Aberdeen Asset Management.

Anne Richards will continue to run the M&G side of the business when the groups merge, with John Foley, who is the chief executive of Prudential UK and Europe, becoming head of the combined business.

pnorman@costar.co.uk

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