Prudential Portfolio Managers South Africa is a retail and institutional asset management business, with its head office in Cape Town and offices in Windhoek, Johannesburg, Durban and Port Elizabeth.
The business has an asset base of approximately 50% South African retail clients, 48% South African pension funds and medical aid schemes, with the remaining 2% being assets managed on behalf of the Prudential offices in the UK and Asia.
Prudential South Africa was established in 1994 and has over ZAR100 billion in assets under management (as at 31 December 2010). It is 47.2% owned by M&G Investments, which in turn is a wholly-owned subsidiary of Prudential Plc.
A 31.3% share of ownership of the South African company vests in a staff trust benefiting the employees of Prudential and a further 21.5% of the business is owned by the Thesele Group, a BEE consortium. Prudential South Africa is an A-rated empowerment company, and is an authorised Discretionary Financial Services Provider in terms of the FAIS Act, 2002.