Enbridge Energy Management, LLC (EEQ) Just Reaches 52 Week Low?
United Nations releases Joint Response Plan for Rohingya crisis
Analyst's Take on Atomera Inc (ATOM) and Qts Realty Trust Inc (QTS)
Prudential To Demerge Fund Manager M&G
15 March 2018, 02:34 | Kelvin Horton
Prudential shares jump on spin-off news: This is how the City is reacting
On March 14, London-based business Prudential, one of the biggest insurance and financial services companies in the world, announced it will split into two separately listed companies, demerging its United Kingdom and Europe division from its worldwide operations.
The group announced plans to combine its United Kingdom savings and investments businesses to create a single entity named M&G Prudential in August.
M&G Prudential will be led by its current chief executive John Foley and will continue its drive to become a more capital-efficient and customer-focused business, targeting growing demand for comprehensive financial solutions.
John Foley, Chief Executive of M&G Prudential, said: "The demerger will allow M&G Prudential to play a broader leadership role in the fast-changing savings and investments market within the United Kingdom and Europe".
But with £12bn of Prudential's existing annuity portfolio to transfer to Rothesay Life, combined with the recent news that Phoenix is taking on Standard Life's annuity portfolio, the total value of annuity liabilities taken on by the eight insurers now active in the market is expected to hit £40bn in 2018. The transfer is expected to be completed by the end of 2019. Looking forward, we believe we will be better able to focus on meeting our customers' rapidly evolving needs and to deliver long-term value to investors as two separate businesses.
Following the demerger, shareholders will be left with shares in both companies.
Prudential group chief executive Mike Wells says: "Following separation, M&G Prudential will have more control over its business strategy and capital allocation". Prudential's primary listing will be in Hong Kong.
Barcelona vs Chelsea match to show live on GOtv
The Blues will need to win by a minimum scoreline of 1-0, no mean feat when one takes into account the opposition and the venue . Antonio Conte doesn't hide it: He expects Chelsea to struggle against Barcelona at the Camp Nou.
Nate Solder To Sign With New York Giants
If the Broncos land Solder, they would likely move Garett Bolles to right tackle (or perhaps move Solder to right tackle). The Hall of Fame-bound quarterback should feel more comfortable with Solder holding down the left side in 2018 and beyond.