Investment firm Prudential to change its name to M&G by the end of the year
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FOLLOWING the acquisition by London-listed global financial services group M&G of a majority stake in Prudential Investment Managers, Prudential will change its name to M&G Investments by the end of the year.
In a statement released this week, Prudential reported that the company had received approvals from all the necessary regulatory authorities for its ownership changes, and the transactions were concluded in July.
It said, following M&G’s strategic decision in 2019 to expand its global investment management presence, it was a logical step forward for M&G to seek closer ties with Prudential Southern Africa, in which it had owned a material stake since inception. It had now added Southern Africa to its centres of investment expertise based in London, Paris, Singapore and Chicago.
M&G increased its ownership in Prudential by 0.13 percent, from 49.99 percent to 50.12 percent.
Prudential said the name change would involve:
• Changing company names throughout the Prudential Southern Africa group, including subsidiaries in Namibia.
• Changing the names of its institutional investment capabilities. For example, the Prudential Core Equity institutional proposition will change to M&G Core Equity.
• Renaming its South Africa- and Irish-domiciled unit trust funds to M&G. For example, the Prudential Balanced Fund will become the M&G Balanced Fund.
• Changing its website and email domains.
• Replacing Prudential’s logo featuring the face of Lady Prudence, with the M&G Investments logo.
Prudential chief executive Bernard Fick said the ownership and identity changes would have no impact on the way Prudential’s unit trust funds or institutional mandates were managed.
“Our investment process and philosophy remain the same. Equally, our local investment team and management structure remain unchanged. Our existing teams of experienced portfolio managers continue working on each of our funds, backed by a team of analysts focusing on specific sectors and companies.
“M&G and Prudential share a similar fundamental and valuation-based active investment process. In fact, our close collaboration over the past two decades, specifically in areas like global asset allocation, has already benefited our clients and cemented our investment philosophy.
“We are excited to be working more closely with M&G given their global scale and presence, with the goal of further enhancing our clients’ investment outcomes.
“Successful investing these days requires global expertise with a global perspective. These changes will give our clients access to global best investment ideas and solutions that have proven to be successful, including broad global investment themes and cutting-edge, technology-driven solutions,” Fick said.