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Merger spells end for Pru arm

Prudential Retail, which includes the company&#39s tied saleforce believed to number 1,500 RIs, will disappear as it merges with the Prudential Group Pensions division.

The move has prompted the departure of the retail division&#39s managing director Roger Flynn. Flynn officially leaves the Pru at the end of September but Pru sources say he has already left his desk.

Pru&#39s recent interim report reveals sales by the retail division have dropped by 25 per cent in the first half of the year.

Industry insiders say the move has sparked speculation in the market that more key jobs will go and that the merger could spell the end of its traditional tied salesforce as the Pru becomes increasingly driven by its direct and IFA divisions.

Prudential has confirmed its retail and group pensions divisions have been integrated and rebranded as Prudential Financial Services.

Rodney Baker-Bates, the previous managing director of group pensions, will head the new organisation. Industry sources say most of the top roles will be given to the management of Prudential Group Pensions, leaving Prudential Retail managers out in the cold.

The future of Prudential Retail marketing director Frank Wilson remains undecided. Industry sources say he will be the next to go. Prudential confirms his status is “up in the air”.

Prudential head of retail communications Claire Stanton says: “Basically, the business has had to restructure and evolve in a highly competitive marketplace.”


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