Friends Provident turns to Asia at the UK's expense

After recently announcing 600 job cuts in the UK, Friends Provident CEO Ben Gunn says he is planning a large-scale expansion in Asia in line with a shift in the firm's growth strategy. The UK pension fund provider has been getting advice from JPMorgan, Goldman Sachs and Cazenove in its search for a suitable presence in Asia, either through a joint venture, partnership, minority stake in a local entity, or other means.Friends Provident was founded in 1832 in the UK as a life insurance …