Deutsche Bank has agreed to buy a 12 billion pounds ($18.8 billion) part of Prudential's UK fund business, the companies anounced today. Prudential began to reorganize its UK asset management business
in March of 1999, when it purchased M&G Group Plc, a U.K. mutual fund manager, and renamed the company
Prudential M&G Asset Management (PMG).
The decision to sell was based on PMG's decision to focus its asset management business in unit trusts, pooled life and pension funds and specialist bond fund management. The transfer is comprised mainly of £12bn of UK segregated balanced and specialist equity mandates managed for approximately 60 clients.
Terms of the transaction were not disclosed, but a statement said that "consideration for the transfer will be based on a combination of the value of funds taken on by (Deutsche) and future revenues."
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