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Manduca tipped to become new Pru chairman

Prudential is expected to appoint Paul Manduca as chairman to replace Harvey McGrath.

Manduca has been an independent non-executive director of Prudential since 2010.

He has emerged as the favourite for the chairman role despite being initially given the task of leading the search for external candidates, according to reports.

Prudential has been looking to appoint a new chairman since McGrath announced his intention to step down in December last year.

McGrath and Prudential chief executive Tidjane Thiam both faced shareholder criticism following the collapse of a $35bn deal to buy Asian insurer AIA in 2010.

Manduca was formerly Deutsche Asset Management European chief executive from 2002 to 2005, Rothschild Asset Management global chief executive from 1999 to 2002 and Thread- needle Asset Management founding chief executive from 1994 to 1999.

The Sunday Times reported this week that the two front-runners for the role, Invensys chairman Nigel Rudd and Pearson chairman Glen Moreno, have both dropped out of the race.

Prudential declined to comment on the issue.

Hargreaves Lansdown investment manager Ben Yearsley says: “Manduca could be good in the role because he has a long CV and knows the industry.”

Last week, around 30 per cent of Prudential shareholders voted against the company’s executive pay plans at its annual general meeting.

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