MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, August 16, 2000 Pru Picks Up Tawain Fund Manager Prudential is purchasing Tawain-based fund manager MasterLink Securities Investment Trust Enterprise for an estimated $95 million. MasterLink is managed the second largest equity fund in Taiwan. The insurer said it was attracted to the Taiwanese market because of its "rapidly growing mutual fund industry, high personal savings rate, and the opportunity to manage institutional and pension assets on a discretionary basis." MasterLing has roughly $1.6 billion in assets under management and offers a family of 13 mutual funds, including eight domestic equity, three overseas equity, and two domestic bond funds. "MasterLink's strong proprietary sales force and third party distribution capabilities provide Prudential with the dynamic distribution platform we look for in foreign acquisitions and partnerships," said Douglas Fergusson, president of Prudential Asia. The insurer said that the Taiwanese fund market has been growing at a 33 percent annual rate during the last four years due to increased awareness of mutual funds. "Prudential sees Taiwan as a integral market for developing our investment management businesses in Asia. Through MasterLink, Prudential will immediately gain a substantial foothold in Taiwan, with attractive opportunities to quickly expand the company's retail and institutional client base," said Stephen Pelletier, president of Prudential's International Capital Group. The insurer said that MasterLink's CEO, Patricia Tsai, will remain in her current position and will continue to run the operations of the company. Printed from: MFWire.com/story.asp?s=25863 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |