Prudential shelves plans for separate Singapore wealth management unit

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.

BT understands that Prudential was in the planning stages for Prudential Wealth Management Singapore, but that the unit has not been launched.

The insurer launched its first financial advisory company, Prudential Financial Advisers (PFA), in Singapore earlier this year.

PFA plans to offer a wider range of products and services to its customers, including general insurance and wealth solutions such as unit trusts.

Customers can also tap the complementary solutions and auxiliary services – including estate planning, family office and tax advisory – provided by PFA’s partners.

The insurer said wealth and investments remain core to its new strategy. It plans to leverage opportunities with its wealth capabilities across its markets, as well as through investment capabilities in Eastspring, its asset management arm.

Last month, Prudential announced a new strategic direction that entails boosting the use of data and technology to improve customer experiences and productivity.

It is also looking to grow its health insurance segment, and improve its wealth and investment capabilities.

Prudential’s wealth capabilities were focused on Singapore and Hong Kong, but the company noted there was scope to increase participation in wealth management propositions across its markets, including providing differentiated propositions for affluent customers.

The insurer has a wealth management unit in Hong Kong – Prudential Wealth Management Hong Kong.