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Prudential Moves £36B To Luxembourg Ahead Of Brexit

Law360, London (March 13, 2019, 1:24 PM GMT) -- British insurance giant Prudential PLC has transferred £36 billion ($47.4 billion) of assets to Luxembourg after spending £27 million on setting up a new operation in the country, a company executive said Wednesday, in a move that highlights the dislocation Brexit is causing to the financial sector.

John Foley, chief executive of Prudential’s U.K. business M&G Prudential, said the company is employing 35 staff at its new subsidiary to serve European customers after March 29, a number that may increase.

“We’ve been working really hard to make sure that customers in Europe get the service that they got previously,” Foley told reporters during...

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