Prudential Plc's money management arm has raised $750 million (€559 million) with the launch of two funds in Taiwan, increasing its assets under management in the market to $3.6 billion (€2.68 billion).
The firm's Asia Pacific Infrastructure Fund, launched in mid-May in Taiwan by its PCA Securities Investment Trust Co. Ltd. unit, raised $450 million (€335 million) to reach its regulatory cap, Prudential said.
The fund will invest in infrastructure equities in Asian markets outside of Japan.
The Taiwan unit raised an additional $300 million (€223.5 million) for its Asia Pacific REITS Fund. The fund was launched in December with a cap of $300 million (€223.5 million) that regulators agreed in April to double.
PCA Securities Investment Trust executives said last month that the unit aimed to boost its assets under management 58 per cent to T$140 billion (€3.175 billion), partly through the launch of new funds.
Prudential's Asian asset management arm had £29.2 billion (€43.42 billion) in funds under management at the end of last year, making it one of the region's largest money managers.
