Scotland business

M&G Prudential to boost Scottish presence

Prudential base in Stirling Image copyright Google

One of Britain's major financial firms is closing four English offices and boosting its job numbers in Scotland by 800 over the next six years.

M&G Prudential has told staff that it is expanding its presence in Stirling and Edinburgh, while retaining an office near its London headquarters.

Offices in Reading and Chelmsford, and two bases in London, are due to close under the plans.

The firm wants "existing colleagues to occupy the roles" moving to Scotland.

By 2025, most of the company's employees will be based north of the border. There are currently about 4,500 staff in the UK.

Office expansion

Over the next 18 months, 400 employees at the Craigforth building in Stirling will move to an expanded M&G Prudential office in the Gyle business park in west Edinburgh.

That will bring together the firm's Wealth Solutions division, including customer accounts dealing with pensions and retirement, and raise the total number of employees based in the Scottish capital from 200 to more than 600.

The transition also means that about 700 staff will remain in Stirling, while the Craigforth office is refurbished.

Stirling will become the office handling customer savings and investments, the company's finances, human resources and as a service centre for customers, part of which is contracted out to another company.

M&G was taken over by Prudential in 1999, but operated separately until 2017, when it was folded into the M&G Prudential division. It handles savings and investments for six million UK and European customers in 29 markets.

It is being prepared for full separation from Prudential plc - as two companies, both headquartered in London, and both listed on the London Stock Exchange.

Prudential plc is to focus on its insurance, savings and asset management across Asia, Africa and the USA.