Beijing: Prudential Plc., the UK’s second biggest insurer, said Ajay Srinivasan is leaving as head of its Asian fund-management unit.
A replacement will be named soon, Mina Hsu, a spokeswoman for Prudential in Hong Kong said, in a phone interview on Monday.
Alan Wren, a consultant for Prudential since the fund’s inception, will serve as interim chief executive officer, Hsu said. Wren is currently a non-executive director of Prudential International Funds SPC, PCA Asset Korea and Prudential BAJ (Saudi Arabia), Hsu said.
He will report to Barry Stowe, head of Prudential’s Asia operations.
Srinivasan seeks “more breadth” in his next position and is still “exploring opportunities in broad-based financial services,” he said in a phone interview from his Hong Kong office, without elaborating. Wren will take over at the end of June, he said.
“When you’ve been doing this for as long as I have, you’re ready for new challenges,” Srinivasan said. “We’ve built the business from zero and I’ve achieved what I wanted to do.”
Srinivasan became head of Prudential’s Asia fund management unit in 2003. He joined the company in 1998 as managing director of Pru-ICICI, Prudential’s India fund joint venture with ICICI Bank Ltd, the nation’s biggest lender to consumers.
“Ajay’s done a fabulous job building up Prudential’s fund business,” Hsu said. “He leaves behind a very stable, experienced team that will ensure a smooth transition.”
Prudential’s Asia fund business had more than $58.7 billion (Rs2.4 trillion) of assets under management as at the end of 2006.