Eastspring aims to double AUM by 2024
Parent company Prudential plc has announced plans to accelerate Eastspring's growth, having sharpened its focus on Asia after the de-merger of the UK M&G business from operations in Asia and the US.
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Genevieve Cua
EASTSPRING Investments, a subsidiary of Prudential plc, has set its sights on an ambitious target to more than double its assets under management to US$500 billion by 2024. Seck Wai Kwong, Eastspring chief executive, acknowledged that the target - referred to internally as "five by four" - is a "very audacious goal". The firm managed around US$216 billion at end-June 2019.
"We have a footprint in 11 countries in Asia," he said. "We have a strong competitive advantage. We're regional but we also have a strong local presence and knowledge. How do we leverage that presence to manage assets and distribute products? We have a strong franchise. I can see the possibilities."
Singapore is Eastspring's regional hub. The firm employs around 3,000 people globally; the Singapore office has nearly 400 staff. At Prudential plc's half-time results, the group announced plans to "accelerate" Eastspring's growth. Prudential plc has sharpened its focus on Asia following the de-merger of the UK M&G business from operations in Asia and the US.
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