Speculation over the future of Dryden Wealth Management is gathering pace in response to Prudential Financial’s filing to the Securities and...

Speculation over the future of Dryden Wealth Management is gathering pace in response to Prudential Financial’s filing to the Securities and Exchange Commission last Friday. Prudential has now disclosed to Wealthbriefing a more up-to-date version of its plans for the wealth manager. Despite acknowledging Dryden’s considerable accomplishments, Prudential said: “Dryden has remained subscale in what has become an increasingly challenging and consolidating wealth management market.” The firm added: “And the company now believes that organic growth in the business in the near term won't be enough to keep it competitive. Therefore, Dryden has concluded that achieving meaningful scale, while also adding value for its customers and employees, can best be achieved from a merger, joint venture or sale at this time. Such a move provides the best chance for sustained growth and continued success.” Prudential has hired an investment bank to help it decide on the best course of action for Dryden. But the New Jersey-based financial services firm said that a sale of Dryden was no more likely than a merger, or joint venture. Separately, Prudential also confirmed to Wealthbriefing that Dryden had lost its chief investment officer Matthew Hunt, and was not able to confirm whether he was likely to be replaced or not. Although one can only speculate, the move by Prudential has probably caused some disruption at the London-based wealth management. Having been re-branded in 2002, Dryden went on a considerable recruitment drive to hire top private bankers in the major markets it was operating in. A sale to a rival wealth manager, or even a merger, might lead to a reappraisal of its current ambitious global strategy.