Further details of the merger will be discussed by Prudential on 16 November.

Financial services firm Prudential will combine its asset management company M&G and its Prudential UK & Europe firm to form M&G Prudential.

The merger will see M&G Prudential become a savings and investment business which will target growing customer demand for financial solutions, the firm said in a statement.

Also, the new entity will combine M&G’s active investment operation with Prudential UK&E’s capabilities in savings and investment to provide more choice for customers across retail, institutional and direct channels.

M&G Prudential will look to enhance its development of customer-focused solutions by using its “scale, financial strength and product and distribution capabilities”.

The combined business manages £332 billion ($431 billion) of assets for over six million customers, both in the UK and internationally, having quadrupled its total external assets since 2008.

“I look forward to working with the teams across both sides of the business to develop the products and capabilities that will help us to continue to lead the fast-changing savings and investments market,” said John Foley, chief executive of M&G Prudential. “Prudential UK&E and M&G both offer well designed solutions which help investors meet their most important financial goals. Combining their complementary strengths allows us to provide greater choice to a wider range of customers.”

Further details about M&G Prudential will be presented at Prudential’s investor conference in London on 16 November 2017.