M&G Prudential Brings Assets into Single Unit Ahead of Prudential PLC Demerger

By Adam Clark

M&G Prudential said Monday that it is overhauling its investment team ahead of its planned demerger from Prudential PLC (PRU.LN).

The U.K. insurance-and-asset management business, which oversees 341 billion pounds ($450 billion) in assets, said it has appointed Jack Daniels to lead a single global investment-management unit. Mr. Daniels is currently chief investment officer of Prudential UK.

Simon Pilcher will step down as head of institutional fixed-income and chairman of real estate, assisting with the transition before leaving the business, M&G Prudential said.

Meanwhile, Graham Mason, the current CEO of equities, retail fixed-income and multi-asset, will take on a newly-created role of chief international officer.

"The creation of a single global investment management unit spanning all our investment capabilities--from equities through fixed income and on to private and alternative assets--will enhance the current collaboration between investment management teams across M&GPrudential," Mr. Daniels said.

Prudential is preparing to spin off M&G Prudential as it focuses on higher-growth opportunities in Asia, the U.S. and Africa. While no exact timeline has been given, Prudential has suggested the demerger will take place no earlier than late 2019. Both companies are expected to be FTSE 100 constituents.

Write to Adam Clark at [e-mail]

(END) Dow Jones Newswires

March 04, 2019 07:39 ET (12:39 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.