Prudential To Increase Stake In Its Malaysian Subsidiary By 19%

By Megan Cheah

PGIM is expanding into the secondary market for private credit, where it plans to deploy up to $1 billion over the next two years.

The asset management arm of insurer Prudential PLC said Thursday that is it planning a new platform focused on opportunities in direct lending and "opportunistic credit areas" such as mezzanine and special situations, targeting deals across the U.S. and Europe.

The private credit secondaries market, which refers to buying and selling ownerships of largely illiquid private credit vehicles before maturity, is likely to exceed $50 billion in the next two to three years, PGIM said, citing independent investment banking firm Evercore.

PGIM wants to meet growing demand for more liquidity in private credit and reflects what PGIM believes is a "natural evolution" of its middle-market direct lending business and its private equity secondaries, the company said.

PGIM's private credit secondaries platform will be led by Alex Stuart, managing director and head of private credit secondaries, and Maelle Reichenbach, senior principal of private credit secondaries. The team will also consist of professionals from PGIM's private credit business and Montana Capital Partners, PGIM's private-equity secondaries business.

PGIM had $265 billion in assets under management in private credit and secondaries as of Sept. 30.

Write to Megan Cheah at megan.cheah@wsj.com

By Megan Cheah

PGIM is expanding into the secondary market for private credit, where it plans to deploy up to $1 billion over the next two years.

The asset management arm of insurer Prudential PLC said Thursday that is it planning a new platform focused on opportunities in direct lending and "opportunistic credit areas" such as mezzanine and special situations, targeting deals across the U.S. and Europe.

The private credit secondaries market, which refers to buying and selling ownerships of largely illiquid private credit vehicles before maturity, is likely to exceed $50 billion in the next two to three years, PGIM said, citing independent investment banking firm Evercore.

PGIM wants to meet growing demand for more liquidity in private credit and reflects what PGIM believes is a "natural evolution" of its middle-market direct lending business and its private equity secondaries, the company said.

PGIM's private credit secondaries platform will be led by Alex Stuart, managing director and head of private credit secondaries, and Maelle Reichenbach, senior principal of private credit secondaries. The team will also consist of professionals from PGIM's private credit business and Montana Capital Partners, PGIM's private-equity secondaries business.

PGIM had $265 billion in assets under management in private credit and secondaries as of Sept. 30.

Write to Megan Cheah at megan.cheah@wsj.com

LONDON (dpa-AFX) - IP Group plc (IPO.L), an investment company, on Tuesday said Chair Sir Douglas Flint will join the board of Prudential plc (PRU.L, PUKPF, PUK), an insurance and asset management company, as an independent non-executive director and Chair with effect from March 2026.

As a result, Flint will retire as a director and chair of IP Group at the conclusion of the company's Annual General Meeting in June 2026 and will not stand for re-election.

The company said its nomination committee is continuing its chair succession process and will provide a further update in due course.

On Tuesday, IP Group closed trading 1.23% higher at $57.40 on the London Stock Exchange.

Copyright(c) 2026 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

Flint, who spent more than two decades at Anglo-Asian lender HSBC, including seven as group chair, will replace current incumbent Shriti Vadera.

The former Labour business minister is retiring after six years with Prudential.

Flint, 70, will join the board in March ahead of formally taking up the role at the annual general meeting at the end of May.

Chief executive Anil Wadhwani said Flint brought “extremely valuable expertise” to the board. “His deep knowledge of Asia is particularly important for the company,” he added.

Senior independent director Jeremy Anderson added: “[Flint] brings extensive experience leading global financial institutions, alongside deep experience in Asia, and is ideally positioned to lead the next stage of the group’s development, taking forward the strong foundations and momentum created during Shriti’s tenure.”

Headquartered in London, Prudential’s business is predominately focused on Greater China, south east Asia, India and Africa. It has dual primary listings in London and Hong Kong as well as a secondary listing in Singapore.

Flint, who is also chair of Aberdeen Group and IP Group, will be paid an annual fee of $1,005,000.

He said: “Being able to help shape the next stage of Prudential’s development is a great privilege.”

LONDON (dpa-AFX) - Prudential plc (PRU.L, PUKPF, PUK), an insurance and asset management company, on Tuesday said Sir Douglas Flint will be appointed as a Non-Executive Director and Chair, who is expected to join the board in March.

Sir Douglas Flint will take over from Shriti Vadera as Chair of the Board, who will retire after six years of service.

The appointment will take effect after the conclusion of the AGM on May 28.

Flint is an orderly transition and will also join the Nomination & Governance and Remuneration Committees.

Flint spent more than two decades at HSBC, serving as Group Finance Director.

On Tuesday, Prudential closed trading at 0.17% higher at 1,168 on the London Stock Exchange.

Copyright(c) 2026 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

Prudential appears on track to meet its double-digit growth guidance for the full year, DBS Group Research analysts say in a note. Its joint venture, CITIC-Prudential Life Insurance Co., likely performed better than expected, with strong new business profit growth carrying into 4Q. Prudential is also confident that it can achieve its 2027 goal of its operating free surplus generation--a metric used to measure capital generated by insurers' ongoing business operations--surpassing $4.4 billion, despite market skepticism, DBS says. The insurer expects product repricing over the past two years, cost savings from enhanced capabilities, and higher future higher cash flow from product redesigns to boost operating free surplus generation, DBS adds. Prudential's results are due in March. (megan.cheah@wsj.com)