Eighteen months after announcing its plans to spin out M&G, Prudential confirmed on Monday that its former subsidiary has been admitted to trading on the London Stock Exchange’s main market.
Mike Wells, group chief executive of Prudential, said the historic UK company “is now an Asia-led portfolio of businesses, focused on structural growth markets”.
“Our businesses in Asia and the US have leadership positions in their chosen segments, and we now operate in eight markets in Africa.”
Describing the transaction as “complex”, Prudential chairman Paul Manduca confirmed that both businesses “will retain their UK domicile and be able to allocate capital even more effectively as separate entities”.
Weather the storms
M&G Investments describes itself as one of the UK’s largest and longest established investment houses.
Chief executive John Foley said the listing “marks a very significant milestone for M&G”.
He said the business is “well-positioned to benefit from long-term economic and social trends that offer growth opportunities for many years to come”.
