Fidelity looks to oust Harvey McGrath from Prudential

Fidelity, one of the largest investors at British insurer Prudential, will on Monday call for the resignation of chairman Harvey McGrath, the Sunday Times reported, citing sources.               

Both McGrath and chief executive Tidjane Thiam have come under fire from investors over Prudential's failed $35.5 billion bid for AIG's Asian arm.                                            
 

Prudential has been holding meetings with shareholders angered by the firm's handling of the deal.                                            
 

The Sunday Times said that Fidelity, which had previously called for Thiam to resign, is now calling for both men to leave, with McGrath to depart first.                                           

Fidelity, which owns 2.5% of Prudential according to ThomsonReuters data, could not be immediately reached for comment.