Growing China presence is key challenge says Prudential chief

Family_insuranceGrowing what is already a sizeable footprint in China is a key challenge, Prudential’s chief executive has said. Britain’s largest insurer has licences in around 70% of the economic footprint with China, said Mike Wells, the group’s chief executive. While China published draft rules in May that would allow foreign firms to hold controlling stakes in insurance companies, there is little evidence of any overseas company that plans to apply to do so. “Beijing is saying they have a plan for greater opening,” Wells told CNBC at the Singapore FinTech Festival. I think like everything in China the time frame is misaligned with U.S. time frames," he added. "You're not going to succeed across Asia if you're not successful in China."  While China’s opening is being widely lauded, investors are still cautious in the face of numerous short-term challenges. These include the trade war with the US, plummeting stock prices and growing defaults. ©2018 funds global asia

Executive Interviews

INTERVIEW: Operational challenges

Jun 09, 2018

Caroline Higgins of Northern Trust tells George Mitton about A-share inclusion, ETF Connect and why Cayman funds predominate in the region.

INTERVIEW: Making a name

Apr 18, 2018

Formed by a merger in 2012, Old Mutual Global Investors was little-known in Asia. Carol Wong, managing director for Asia-Pacific, is changing that. She talks to George Mitton.


SINGAPORE ROUNDTABLE: Optimism versus caution

Oct 23, 2018

The impact of financial technology, developments in Asian passporting and the promise of new markets in Thailand were among the topics discussed by our panel. Chaired by George Mitton in Singapore.

HONG KONG ROUNDTABLE: a long-term project

Jun 09, 2018

Our panel discussed robo-advisers, ETF Connect, and why the mutual recognition of funds (MRF) scheme will take time to develop. Chaired by George Mitton in Hong Kong.