Prudential Closes Wealth Management Arm in Singapore

15 Sep, 2023

Prudential Closes Wealth Management Arm in Singapore

Prudential is set to close its wealth management division in Singapore as part of the British insurance giant's broader efforts to streamline its operations. Prudential Wealth Management Singapore currently operates independently from Prudential Singapore's life insurance business. However, the wealth management arm in Hong Kong will remain unaffected by this move.

A spokesperson for Prudential explained that this decision aligns with their strategic objectives, ensuring a more focused and clear offering to their customers within the Singapore market. This move comes in the wake of Prudential's launch earlier this year of Prudential Financial Advisers, marking its foray into the financial advisory sector in Singapore. The new firm has been designed to provide an extensive range of products and services, including wealth solutions like unit trusts, alongside general insurance covering travel and motor insurance. Currently, it boasts a team of over 100 financial advisers.

The spokesperson emphasized the importance of wealth and investments within Prudential's new strategic direction. They believe there is significant potential to expand their presence in the wealth management sector across various markets, with a particular focus on offering distinctive propositions for affluent clientele.

Prudential, primarily known for its expertise in life and health insurance as well as asset management, has undergone substantial transformations in recent years. This transformation has included divesting its businesses in the United Kingdom and the United States to concentrate on emerging high-growth markets in Asia.