Prudential Refines Global Strategy: Closes Singapore Wealth Arm and Focuses on Growth Markets
Prudential PLC has reportedly decided to cease operations for its Singaporean wealth management division while maintaining its Hong Kong branch.
This move is part of the company's larger global strategy to optimize its operations, according to news reports.
The Prudential Wealth Management Singapore operates independently from Prudential Singapore, the life insurance provider.
Prudential PLC had recently introduced Prudential Financial Advisers in Singapore, marking their inaugural financial advisory venture in the city-state. The new firm provides an expanded variety of services and products for customers. Offerings include wealth solutions like unit trusts and varied insurance types, such as travel and motor insurance. Currently, the firm employs over 100 financial advisers. Furthermore, clients have the option to access services like estate planning, family office, and tax advisory through the firm's partners.
The company emphasizes that wealth and investments remain central to Prudential's evolving strategy. They anticipate a growth in engagement in wealth management services across their markets, with specialized offerings for affluent clientele.
In a broader context, Prudential has undergone significant shifts recently. It divested from its ventures in the UK and the US, responding to shareholder demands to prioritize rapidly expanding Asian markets. The company seeks to enhance its wealth and investment prowess across these markets, in conjunction with strengthening its investment capabilities via Eastspring.
Eastspring Investments, Prudential’s asset management subsidiary, handles approximately US$228 billion (S$310.4 billion) in assets for both institutional and retail clientele. As of September 1, the firm welcomed Mr. Bill Maldonado as Eastspring's CEO, reporting directly to Prudential’s CEO, Anil Wadhwani.
Mr. Wadhwani, who assumed the role of CEO of Prudential in February, has recently introduced a strategic roadmap. This blueprint emphasizes expansion in regions such as Greater China, Southeast Asia, India, and Africa, aiming to achieve a 15-20% compound annual growth in new business profits by 2027.