15 May 2006
Prudential launches Asian property fund management business
LONDON / HONG KONG, May 15, 2006 : Prudential today announced the launch of Prudential Property Investment Management Singapore (PruPIM Singapore) a 50:50 joint venture between Prudential Property Investment Managers (PruPIM), one of the UK’s leading real estate investment management companies and Prudential Corporation Asia.
Headquartered in Singapore with an Asia - Pacific scope, the operation brings PruPIM’s deep experience and expertise in real estate investment management together with Prudential’s extensive Asian fund management business and exceptional geographic presence across the region.
The new entity will offer investors around the world the opportunity to invest in real estate in Asia, principally through the creation of collective funds. PruPIM Singapore’s initial focus will be to develop a diversified core Asia Pacific fund. Both partners plan to transfer existing real estate assets into the new entity.
Ajay Srinivasan, Chief Executive, Fund Management at Prudential Corporation Asia, described the establishment of PruPIM Singapore as a logical application of Prudential’s strengths: “This new venture will draw on our long history of property funds management expertise, our trusted brand name and our deep knowledge of the Asian markets. These strengths will combine to create a very strong business. Our funds management business in Asia has been growing rapidly, and we are excited to be expanding into the property arena.”
Martin Moore, Managing Director of PruPIM in London, stressed that the time was right to expand Prudential’s property investment management business to Asia. “We are delighted with this new venture which demonstrates the strength of the different parts of Prudential working together. PruPIM’s size and expertise in international real estate investment management and the backing of our powerful global property research team will help create a significant new force in the region. We also see a long-term shift, globally, towards the Asia-Pacific property markets and believe this is an excellent time to take this step,” said Moore.
The venture will be headed by newly-appointed Chief Executive Officer, Jonathan Allen. Previously, Allen led Prudential’s fund management product group in Asia.
About Prudential
Prudential plc is a leading international financial services group, providing retail financial services and fund management in its chosen markets: the United Kingdom, the United States, Asia and continental Europe.
Prudential has been writing life insurance in the United Kingdom for over 150 years and has had the largest long-term fund in the United Kingdom for over a century. Today, Prudential has over 21 million customers worldwide and over £234 billion (US$400 billion as of 31 December 2005) of funds under management.
In the United Kingdom Prudential is a leading life and pensions provider offering a range of retail financial products. M&G is Prudential's UK & European Fund Manager, with around £149 billion of funds under management (US$254 billion as of 31 December 05). Jackson National Life, acquired by Prudential in 1986, is a leading provider of long-term savings and retirement products to retail and institutional customers throughout the United States. Egg provides banking, insurance and investment products through its internet site www.egg.com.
Prudential is the leading European-based life insurer in Asia with operations in 12 markets as well as funds management businesses in 9 of those 12 markets.
*Prudential plc, a company incorporated and with its principal place of business in the United Kingdom, and its affiliated companies constitute one of the world's leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. It has been in existence for over 150 years and has £234 billion in assets under management, (as at 31 December 2005). Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America.
About PruPIM
PruPIM (Prudential Property Investment Managers) is one of the United Kingdom’s leading real estate investment management companies with over US$30 billion under management and over US$2 billion invested internationally. PruPIM successfully manages several property funds on behalf of M&G including the highly successful M&G Property Portfolio, launched last year. PRUPIM forms part of the M&G Group of companies, which is the investment arm of Prudential plc in the United Kingdom and Europe.
Enquiries – UK
Natalie Brooke
PruPIM London
020 7548 6976
Natalie.Brooke@prupim.com
Forward-Looking Statements
This statement may contain certain ‘forward-looking statements’ with respect to certain of Prudential's plans and its current goals and expectations relating to its future financial condition, performance, results, strategy and objectives. Statements containing the words ‘believes’, ‘intends’, ‘expects’, ‘plans’, ‘seeks’ and ‘anticipates’, and words of similar meaning, are forward-looking. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond Prudential's control including among other things, UK domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, and the performance of financial markets generally; the policies and actions of regulatory authorities, the impact of competition, inflation, and deflation; experience in particular with regard to mortality and morbidity trends, lapse rates and policy renewal rates; the timing, impact and other uncertainties of future acquisitions or combinations within relevant industries; and the impact of changes in capital, solvency or accounting standards, and tax and other legislation and regulations in the jurisdictions in which Prudential and its affiliates operate. This may for example result in changes to assumptions used for determining results of operations or re-estimations of reserves for future policy benefits. As a result, Prudential's actual future financial condition, performance and results may differ materially from the plans, goals, and expectations set forth in Prudential's forward-looking statements. Prudential undertakes no obligation to update the forward-looking statements contained in this statement or any other forward-looking statements it may make.
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