18th Aug 2014 07:13
LONDON (Alliance News) - Prudential PLC will spend around GBP100 million on developing further business initiatives in the UK, as the group attempts to offset a drop in annuity sales as a result of the overhaul of the pension system in Britain, the Financial Times reported Monday.
The investment, which the life insurer is set to make in the next two years, is being led by Jackie Hunt, drafted into the company from rival Standard Life PLC a year ago to head up Prudential's UK business, the newspaper said.
It will cover spending on developing an online investment platform and Prudential ISAs, the FT said, citing a plan outlined to investors.
http://www.ft.com/cms/s/0/1da8d53e-2467-11e4-be8e-00144feabdc0.html#axzz3AigtG1gL
By Sam Unsted; [email protected]; @SamUAtAlliance
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