24 Apr 2008
Prudential Asset Management receives Fund Management Licence in Saudi Arabia
April 24, 2008 (Hong Kong): Prudential Asset Management, one of Asia’s largest and most successful fund managers, has received approval from Saudi Arabia’s Capital Market Authority to set up a new asset management company. The new company, Prudential Jazira Asset Management, has been authorised to manage, advise and undertake custody services in the Securities Business (i.e. fund management), the Saudi regulator said in a recent announcement.
The establishment of the new company, a joint venture between Prudential and Bank AlJazira, is part of Prudential Asset Management’s ambitious expansion plan in the Gulf region. The asset management company opened its first Middle East office in Dubai in October 2006. Prudential has an extensive geographic footprint with fund management operations in 10 markets in Asia and the Middle East.
“With a GDP of US$345 billion, the Kingdom of Saudi Arabia is the largest economy in the Gulf Cooperation Council region and has the largest stock market in terms of market capitalisation. The Kingdom has shown impressive economic growth over the last few years and we believe now is the right time for us to establish operations in this attractive and rapidly growing Sharia market,” said Mr Suraj Mishra, CEO, Middle East & Regional Head, Sales & Distribution - Fund Management, Prudential Corporation Asia.
Prudential and Bank AlJazira also intend to launch a joint venture takaful (Islamic insurance) business in the Kingdom. Bank AlJazira’s existing takaful business, which will become part of the joint venture, is already the market leading takaful provider in Saudi Arabia.
Prudential is one of Asia’s largest and most successful fund managers. With US$74 billion in assets under management (as of 31 December 2007), it has achieved more top five rankings than most other regional players in Asia.
About Prudential Asset Management
Prudential Asset Management is the Asia fund management business of Prudential plc* (United Kingdom), one of the world's foremost financial services groups. Prudential Asset Management manages assets on behalf of a wide range of retail and institutional investors across the region. It is also a fund manager for life and pension products sold by Prudential plc and Prudential Corporation Asia.
The fund management business is one of Asia’s largest and most successful fund managers with US$74 billion in assets under management (as of 31 December 2007).
It has an extensive geographic footprint with fund management operations in 10 markets – mainland China, Hong Kong, India, Japan, Korea, Malaysia, Singapore, Taiwan, Vietnam and the United Arab Emirates.
*Prudential plc, a company incorporated and with its principal place of business in England, and its affiliated companies constitute one of the world's leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. It has been in existence for almost 160 years and has over US$530 billion in funds under management (as at 31 December 2007). Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America.
|Emma Smith, The Consultancy,
||Ph: +852 3114 6366 / 9308 0099
|Judith Bence, The Consultancy,
||Ph: +852 9199 1263
|Chad Tendler, Prudential Corporation Asia,
||Ph: +852 2918 6396 / 9188 2055