The urge to merge

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Insurance

Life insurer Prudential has announced that it is to combine its fund management business with its life insurance arm in the UK and Europe, a move that analysts suggest could prefigure a sale of its UK-based operations. The combined entity, which will merge M&G Investments with Prudential UK & Europe, will be called M&G Prudential, and will be led by John Foley, who took on the role of chief executive of Prudential UK & Europe at the beginning of last year.

Group chief executive Mike Wells commented: “In recent years, we have seen a convergence in the investments and savings markets. Bringing together these two high-quality businesses, while transitioning to a capital-light model, will enable M&G Prudential to increase its growth prospects.”

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