PRUDENTIAL has shelved plans for a separate wealth management unit in Singapore.

It will instead refocus its wealth offerings in the Republic, as part of its new strategy and to ensure that it offers a clear proposition to its customers, the insurer said in response to queries from The Business Times (BT).

The response clarifies a media report by Citywire that the insurer was shutting its wealth management arm, Prudential Wealth Management Singapore, due to a change in strategy.