Prudential says it has appointed Rob Devey, head of the UK insurer’s British and European operations, to lead the integration with AIG’s Asian life insurance arm. Read the Reuters story here.
And in news reported by other media on Wednesday:
Morgan Stanley has told investors that its $8.8 billion real estate fund may lose nearly two-thirds of its money due to bad investments, according to the Wall Street Journal, which reviewed fund documents.
US specialty chemicals maker Lubrizol has joined a string of other bidders in talks to buy Cognis, with an offer that could value the German maker of additives for cosmetics and detergents at about $4.1 billion, the Financial Times said.