PAMA Senior Management Team to Purchase Prudential Asia's Ownership Interest in PAMA HONG KONG, Nov. 28 /PRNewswire Asia-AsiaNet/ -- Prudential Asia Investments Limited (Prudential Asia) and Prudential Asset Management Asia (PAMA) jointly announced today that PAMA's senior management team will purchase Prudential Asia's 100 percent ownership interest in the firm. Prudential Asia and PAMA said they would continue to have an investment relationship, but PAMA will no longer be a Prudential-owned entity. Financial terms of the transaction were not disclosed. Prudential Asia, which is a subsidiary of The Prudential Insurance Company of America, said the transaction is unrelated to Prudential's continuing aggressive expansion into the Asian investment markets, where this year alone it has purchased significant stakes in investment and securities companies in Japan, Taiwan and South Korea. In addition to these acquisitions, Prudential Asia will continue its activities in the management of public securities, infrastructure, and property investments. It recently opened an office in Singapore for the management of fixed-income securities, while its Singapore-based property investment affiliate, GRA, recently opened an office in Hong Kong. Victor Fung, Chairman, and Douglas Fergusson, President and Group Chief Executive, will remain in their respective roles at Prudential Asia. Michael C. Kwee will remain in his role as Chairman and Chief Executive of PAMA, as will the entire team that manages the firm's private equity investments. Since its inception in 1986, PAMA has invested over US$1 billion in approximately 100 private equity investments in Asia. It currently manages more than $800 million of private equity investments on behalf of Prudential and two private equity funds, PAPE I and PAPE II, in which Prudential and other institutions are investors. The official name of the company will change from Prudential Asset Management Asia Limited to PAMA Group Inc. PAMA Group and its subsidiaries and affiliates will no longer be affiliated with The Prudential Insurance Company of America and its subsidiaries and affiliates. While Prudential will continue to be an investor in the existing PAMA-managed funds, it will not be responsible for, or exercise control over, the business of PAMA Group and its subsidiaries or the investments of PAPE I and PAPE II. Prudential Asia will continue to provide accounting and operational services to PAMA for several months to ensure a smooth transition for the firm. Operating from hubs in Hong Kong and Singapore, and with a presence in six other Asian countries, PAMA Group specializes in private equity financing for expansion capital, management buyouts, closely held and entrepreneurial companies in Asia. Prudential, with more than $366 billion in assets under management as of December 31, 1999, is one of the largest life insurance companies in the United States and is among the largest financial institutions in the world. Prudential serves millions of individual and institutional customers worldwide, offering a variety of products and services, including life insurance, property and casualty insurance, mutual funds, annuities, pension and retirement related investments and administration, asset management, securities brokerage, and real estate and relocation. CONTACT: Michael Hanretta Prudential Tel: 973-802-7373 Michael Kwee PAMA Tel: 852-2844-1007 Ken Walker Scotchbrook-BSMG PR Tel: 852-2863-9168 SOURCE Prudential Asset Management Asia