Geffen: Pru's move abroad 'raises questions' over M&G's future

Neptune's Robin Geffen has spoken out against Prudential's plans to re-domicile overseas, saying it would raise questions over the insurer's "financial health".

Geffen, a shareholder in the Pru across a number of his funds, told the Scotsman earlier this week he had strong reservations about a move to Hong Kong, a destination widely suggested as the insurer's new home. In particular, Geffen said the move would raise doubts over the future of M&G, its UK asset management business. On Monday, Pru released a statement which said it is considering a move out of the UK in response to an "adverse outcome" of Solvency II. The ruling, due to come into force in 2014, could mean European insurers have to hold extra cash reserves against subsidiaries in...