Prudential PLC, a British insurance group, has announced the closure of its wealth management arm in Singapore as part of a global reorganisation to streamline operations. However, the Hong Kong branch of the wealth management arm will remain intact. Prudential Wealth Management Singapore is a separate entity from life insurance provider Prudential Singapore.
The company stated that the closure in Singapore is part of its strategic plan to offer a clear proposition to customers. A spokesperson for Prudential PLC explained, “In executing our strategy and to ensure we offer a clear proposition to our customers, we are refocusing our wealth offerings in Singapore.” The company declined to disclose the number of employees in Singapore who will be affected by the closure.
Despite the closure, Prudential PLC is committed to the Singapore market. Earlier this year, the company launched Prudential Financial Advisers, its first financial advisory firm in Singapore. This new firm offers a wider range of products and services, including wealth solutions like unit trusts, as well as general insurance such as travel insurance and motor insurance. Prudential Financial Advisers currently has over 100 financial advisers and also provides additional services like estate planning, family office, and tax advisory through its partners.
According to the spokesperson, “Wealth and investments are a core part of Prudential’s new strategy. We believe there is scope for increasing participation in wealth management propositions across our markets, including differentiated propositions for affluent customers.”
Prudential PLC has been undergoing a major transformation in recent years, divesting its businesses in the United Kingdom and the United States to focus on faster-growing markets in Asia. The group intends to leverage its wealth capabilities across various markets and utilize the investment capabilities of its asset management business, Eastspring Investments.
Eastspring Investments manages approximately US$228 billion of assets on behalf of institutional and retail clients. The group recently appointed Bill Maldonado as Eastspring’s chief executive officer, effective from September 1. Maldonado reports to Prudential’s CEO, Anil Wadhwani.
Wadhwani, who took on the role of Prudential’s CEO in February this year, unveiled a new strategy following a strategic and operational review of the group. The plan aims to drive growth in Greater China, Southeast Asia, India, and Africa, and is expected to generate a compound annual growth rate of 15 to 20 percent in new business profit by 2027.
More detail via The Straits Times here… ( Image via The Straits Times )