New Prudential chair led search for his own job
PRUDENTIAL yesterday announced Paul Manduca as its new chairman – even though he initially led the committee tasked with finding a replacement for outgoing Harvey McGrath.
Manduca founded British fund manager Threadneedle in 1994 and has been Prudential’s senior independent director since January 2011, as well as being current chairman of insurance broker Aon UK.
He will resign his existing roles and take over at the Prudential on 2 July.
Barrie Cornes, an analyst at Panmure Gordon, told City A.M. that Manduca is a “safe pair of hands” who was initially brought in “to strengthen the financial services experience on the board”.
Cornes also played down concerns that Manduca was too close to the recruitment process: “As I understand it he stood down and [Lord] Turnbull took over once his name went into the ring.”
One of Manduca’s main concerns will be the future of the Prudential’s booming Asian arm, which could be hit hard by the forthcoming Solvency II reforms on capital backing.
The company has repeatedly threatened to relocate its headquarters if the new rules are introduced in their current form and could be tempted to split the company in half.