ASIANET: Prudential Casts Another Confidence Vote in Malaysia with Launch of New Mutual Fund Operation

Prudential Casts Another Confidence Vote in Malaysia with Launch of New Mutual Fund Operation

KUALA LUMPUR, Malaysia, May 29 /PRNewswire Asia-AsiaNet/ -- UK financial services giant Prudential plc (Prudential) today announced the launch of its new unit trust operation in Malaysia. Prudential Unit Trust Berhad (PUTB) is the latest addition to Prudential's rapidly growing mutual funds presence in Asia and confirms its positive view of Malaysia's long-term growth potential.

At the launch ceremony in Kuala Lumpur, Mr. Mark Tucker, Chief Executive of Prudential Corporation Asia (PCA) said, "The launch of our mutual fund operation is another vote of confidence in Asia and in the strength of Malaysia's economic outlook.  Since we first began life operations here more than 75 years ago, Malaysia has been a key contributor to our achievements in Asia.  We are here for the long haul and have every belief that PUTB will be another successful venture in the region."

The new unit trust business is part of Prudential's expansion of its fund management operations across the Asian region, following great successes in Taiwan and India, where its joint venture, Prudential ICICI, is the #1 private sector mutual fund company after less than two years.  Mr. Ajay Srinivasan, Regional Director of Mutual Funds, PCA said, "We are very excited about Prudential's new investment in Malaysia.  We have a great management team under the leadership of Mark Toh.  The launch of our unit trust company also means we can meet more of the financial services needs of our Malaysian customers."

Prudential is upbeat on the investment sector and will introduce four types of funds -- PRUGrowth Fund, PRUSmall-Cap Fund, PRUBalanced Fund and PRUBond Fund.  Mr. Mark Toh, Chief Executive Officer of PUTB said, "These funds ranged from low to high risks, and cater to different types of investment needs.  The funds will be managed by well-experienced and skilled Prudential fund managers and sold by qualified Prudential agents distributed throughout Malaysia.  Through us, Malaysians can now have access to local as well as our global resources on investment advice and expertise."

Mark Toh added, "We are focused on building a strong network of agents and staff -- providing the highest quality of products and services to our customers.  Leveraging on Prudential's reputation and expertise, coupled with our existing strengths and infrastructure, we have no doubt that PUTB will be a significant player in the Malaysian mutual funds market."

Prudential was first established in London in 1848 and has been in Asia since 1923 where it is currently the UK's largest life insurance company. Prudential Singapore was recently awarded the title "Asia's Life Insurance Company of the Year" at the Asia Insurance Industry Awards 2000.

Prudential is one of the UK's leading life insurers and has over US$240 billion of funds under management worldwide.  M&G, one of the UK's largest mutual fund managers and Scottish Amicable, a product provider for the independent financial advisors market, are part of the Group. Prudential is also the majority shareholder of Egg, the UK's leading e-commerce retail financial services provider.  Internationally, in addition to Prudential Asia, the Group also owns Jackson National Life in the USA, and expanding its business in Europe.