With funds under management of over US$500 billion, we are based in eight major global financial centres managing equities, bonds, property, venture capital and cash for pension funds and other institutional investors. Coupled with an objective to provide consistently superior investment performance, we aim to give our clients an unrivalled level of service.

Prudential established an investment management office in Cape Town in 1994 to offer both domestic and global asset management to South African clients. Funds under management in the South African office include institutional and retail assets invested locally on behalf of South African clients, as well as investment into the region from global investors. As at 30 April 2009, the South African office had funds under management that amounted to R80 billion.

In addition to our core business of domestic asset management, we offer our South African clients the opportunity to invest in international markets, providing the benefits of diversification and rand hedging. In 1996 we expanded into Namibia, where our office in Windhoek has substantial assets under management.

In April 1999 Prudential took over M&G plc and during 2000 the investment management business of M&G was merged with that of Prudential in the United Kingdom. Combining the complementary strengths of Prudential and M&G has meant benefits for both client and company alike. M&G is a leading retail brand name in the unit trust industry, and was managing £19 billion in investments before the merger. After merging with Prudential the total funds under management increased substantially, so that M&G is now one of the largest unit trust manager in the UK.

In 1999, Prudential Unit Trusts launched the first three of its unit trust funds. Over the years, as market needs and demands have changed, we have added another eight to our range. At Prudential Unit Trusts, we do this with due prudence. We carefully consider the market environment before bringing another unit trust product to market.

For instance, when we launched Inflation Plus in 2001, it was one of the first real return funds available to retail investors. Another first was our High Yield Bond Fund which uses credit bonds to increase the yield within the fund. And in 2003, we launched Prudential Income Portfolios, thereby revolutionising the living annuity industry. At all times we take into account your investor needs, and market circumstances.

Commitment to South Africa
The establishment of an office in South Africa reflects Prudential's commitment to the region. On the set up of the office, a significant skill transfer took place to ensure its smooth operation. Through this office, Prudential is able to place substantial inward investment into South Africa through the JSE, reinforcing its dedication to this country.

Staffed with South Africans committed to our country's growth, our company is proudly South African. We uphold the Financial Services Charter and believe that it provides a way to ensure transformation in both the financial services industry and South Africa as a whole.

Our South African-based staff benefit from our ties with our London office where they receive ongoing training and coaching from global experts. Our staff in South Africa has grown significantly since inception in 1994, with a highly experienced and dedicated team providing a stable base from which to manage assets.

Ownership
Prudential Portfolio Managers [South Africa] [Pty] Ltd is 75% owned by Prudential plc, which is listed on the London stock exchange. Ten percent of ownership of the South African company has been transferred to a staff trust composed of the black employees of Prudential. We believe that it is important to empower Prudential’s own staff first, and the Prudential Portfolio Mangers Black Staff Trust is a vital part of the process. The Staff Trust has a seat on the board of Prudential. The effective date of the transaction is 31 December 2004. Black staff form approximately 50% of the staff complement of Prudential in South Africa. The South African company was incorporated in 1993.

A further 15% of the business has been sold to Thesele, a BEE company, with the effective date of 31 March 2006.