In an effort to reflect increasing collaboration with other parts of M&G Group, the investment arm of UK insurer, PRUPIM, has been rebranded as M&G Real Estate.
The firm, which manages more than £17 billion (€19.9 billion; $26 billion) of real estate across Europe, Asia and North America, announced the name change would be effective from the end of June.
Alex Jeffrey, chief executive of PRUPIM, said the change was part of a concerted effort to offer M&G clients investment strategies that included a real estate component.
He said: “This is a logical step. Products for external clients are already marketed under the M&G brand. The change of name reflects how closely we work with our colleagues across the group.”
“M&G is a leading active investment manager with a record of producing strong long-term returns for its clients. Over the past few years, PRUPIM has reshaped its business in line with M&G’s values so it is now appropriate to take on the M&G Real Estate name.” he added.
Of PRUPIM’s assets under management, approximately £5 billion of assets are managed on behalf of external investors, with the majority managed on behalf of Prudential itself.