Eggs not sexy but safe

A lot of professional money believes the merger of Prudential’s M&G fund management business with its UK life and pensions operation is a staging post, not an end in itself.

The argument is that simplifying the structure will allow Prudential to spin off the whole caboodle and focus on the sexier story of its Asian arm.

Perhaps. But all eggs in one basket and all that? A mature, dependable UK business might still provide ballast should anything go wrong in Asia.