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Pru ponders £9bn orphan cash move

Prudential is understood to be in the process of recruiting a policyholder advocate to start the ball rolling on reattributing the inherited estate of its with-profits funds.

It has been looking at ways of accessing the surplus cash from its with-profits fund for 10 years and is under pressure to free up its £9bn orphan assets, particularly following Aviva’s recent appointment of a policyholder advocate. Pru would not comment despite speculation that the FSA has been urging the firm to release its orphan assets.

One analyst who did not want to be named says: “I would be surprised if Prudential were not trying to recruit a policyholder advocate. It has been in discussions on its inherited estate for over 10 years.”

A Pru spokesman says: “As previously announced, we believe it would be beneficial if there were greater clarity on the status of the inherited estate.”

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