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JPMCaz unveils scathing Pru note
JP Morgan Cazenove (JPM Caz) has published a controversial research note suggesting insurance heavyweight Prudential has “made full use of the vagaries of insurance accounting to present its results in a good light”.
The note, a draft of which was shown to the firm last week, sparked concern when Pru proposed a number of changes that JPM Caz appeared to have taken on board, raising questions over its ability to be independent.
Yesterday, a source at JPM Caz said the group takes its independence and objectivity in its research function very seriously and that “a draft note will always come out looking very different”.