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Prudential ends pulse wealth operations in Hong Kong, shifts resources to High-Net-Worth offerings
Prudential has closed its Hong Kong wealth management business, Pulse Wealth, as part of a strategic shift to streamline operations and concentrate on other wealth management services in the region. This move follows a similar closure in Singapore last September and aligns with the company’s wider initiative to refocus its business. However, Prudential remains committed to the Hong Kong wealth sector, establishing a dedicated team to serve high-net-worth individuals and capitalize on local market opportunities.
This development comes amid notable financial activity in the region, highlighted by Manulife’s recent earnings report. Despite a 38% year-on-year decrease in first-quarter net profit, Manulife’s core earnings rose by 16%, exceeding market expectations. This growth was primarily fueled by strong performance in Asia, particularly due to increased mainland Chinese visitors to Hong Kong following eased pandemic restrictions.
Manulife Hong Kong and Macau also reported a substantial 52% increase in core earnings in the first quarter. The firm’s new business value, a key indicator of future profitability, grew by 15%. Manulife maintains its position as the leading Mandatory Provident Fund provider in Hong Kong, with a 28% market share based on assets under management at the end of the first quarter.
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