UK Insurer Prudential could move funds to Luxembourg
12th August 2016 Finance 40411
UK Insurance Broker Prudential stated on Wednesday that the group may move some of its funds business from London to Luxembourg following the UK's Brexit vote to leave the European Union.
A move would mean that the insurer's investment management arm M&G could contribute in distributing its funds throughout the EU.
M&G's chief executive Anne Richard told reporters on Wednesday that the company could increase the number of its funds domiciled in Luxembourg and also Dublin, depending on the outcome of Brexit negotiations.
"What we are trying to do is give ourselves options so we are in a position to react and adapt," Richard told Reuters new agency.
"Dublin and Luxembourg would potentially be options for us if we decide we want to have additional funds domiciled in Europe."
In the first half of 2016, Prudential performed better than forecast, reporting a 2.4 billion euro profit, due mostly to growth in Asia triggering rising share results.