Leading UK daily newspapers, including The Daily Telegraph and The Daily Mail, reported yesterday that Prudential is to name Paul Manduca as its new chairman following a five-month search to replace the departing incumbent, Harvey McGrath.

Paul Victor Falzon Sant Manduca comes from a Maltese family. His father set up a security business which he sold to Securicor; three of his brothers also pursued successful City careers; his wife Ursula is an ophthalmologist and his two sons have followed him into the finance business.

The board of directors has reportedly already suggested Mr Manduca’s name to the Financial Services Authority (FSA) of the UK which is examining his credentials and experience, in line with the regulator’s obligation to ensure that the person nominated has the appropriate skills to lead the board before sanctioning the appointment.

Mr Manduca’s experience includes heading Prudential’s M&G division, one of the UK’s largest fund managers.