Prudential rebrands asset management business as it plans for expansion
Prudential is rebranding its Asia asset management business as Eastspring Investments as it plans to expand in Asia and enter the US market.
From early 2012, the new brand name will replace the different business names currently in use in Hong Kong, Singapore, Malaysia, Taiwan, Japan, Korea, United Arab Emirates and Vietnam. The new brand will not apply to joint venture operations in China and India, or in Hong Kong through BOCI-Prudential.
The brand change will also apply to its funds which will also take on the new name including the SICAV offshore fund range which is currently called International Opportunities Funds (IOF).
Prudential Corporation Asia’s fund management business has about $80bn under management (as at 30 September 2011) and operates in 10 markets across the region. It employs about 2000 people in Asia, with investment teams in eight markets and a core team of investment managers based in Singapore.
Prudential Corporation Asia chief executive Barry Stowe said: “We have built a successful asset management business in Asia with assets sourced primarily from the region. Now, we are creating one unified brand for the business which we can use around the world.
“The Asia focus of this business offers a compelling investment story, particularly for global investors looking to diversify into the fastest growing region in the world.
“The Eastspring Investments brand will allow us to penetrate Asian and European markets much more efficiently, to grow our branded offshore product range worldwide and to enter new markets, such as North America.”
Prudential’s life insurance companies will continue to operate as usual, with no change to the terms of existing policies.
This article first appeared on Professional Adviser Hong Kong