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Prudential Plc To Combine UK Businesses To Form M&G Prudential - Quick Facts

Prudential plc (PRU.L), a UK-based financial services group, Thursday announced its intention to combine its asset manager, M&G, and Prudential UK & Europe or Prudential UK&E to form M&G Prudential, a major savings and investments provider.

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

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. It will 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.

Mike Wells, Group Chief Executive, said, "In recent years, we have seen a convergence in the investments and savings markets with customers across all geographies and demographics demanding more comprehensive solutions to their financial needs. Bringing together these two high-quality businesses, while transitioning to a capital-light model, will enable M&G Prudential to increase its growth prospects..."

by RTT Staff Writer

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