INSURER Prudential has shut down its Hong Kong wealth management business Pulse Wealth, the company said in a statement to Reuters on Wednesday (May 8), as part of a wider push to streamline its business.
Prudential said it had closed the platform to refocus on other wealth offerings and remained in the Hong Kong wealth market. The company had set up a dedicated high net worth team to target opportunities in Hong Kong, it added.
“We’ve taken the decision to redirect our focus to align with our core wealth strategy,” Prudential said.
The decision was earlier reported by specialist publication Pensions & Investments.
The move comes after Prudential shut one of its wealth management platforms in Singapore in September, as part of a shake-up to refocus its business. REUTERS
