Clare Bousfield

The new Kildean complex will provide an office base for around 700 employees who work for the group’s Prudential and M&G businesses on the Craigforth site in the city.

The Craigforth location has been occupied by the group and forerunners since the 1990s.

The decision to make a lengthy commitment to the new Kildean site represents a big vote of confidence in Scotland on the part of the firm.

Clare Bousfield, chief finance officer at M&G, said: “Because of the quality and number of talented individuals in the finance and technology sectors, Scotland remains an important source of talent for M&G.”

“The new office will provide a sustainable working environment, where we can better collaborate as we adopt more flexible and digital-first ways of working.”

M&Gcommitted to the new complex 18 months after announcing that Scotland would be a beneficiary of rationalisation moves that were intended to help make it more competitive. These resulted in the closure of four offices in England.

John Foley, chief executive said that year that the skills mix available in Scotland had been a big factor in the decision.

The Stirling operation is home to functions such as finance and human resources as well as pensions administration staff, The Herald reports.

M&G will lease the Kildean property from a joint venture between Stirling Council and Cromwell Property Group. Staff are expected to transfer from Craigforth in 2022. M&G includes the asset management business of that name and pensions businesses operated under the Prudential brand. It was demerged in 2019 from Prudential’s operations focused on Asia, the US and Africa.