White & Case and Slaughter and May have been handed mandates as a New York-based activist investor calls for a further break-up of insurance giant Prudential’s global operations.

New York hedge fund Third Point, which has invested $2 billion in Prudential, has demanded in a letter to the company’s board that it split its U.S. life insurance business, Jackson, from its profitable Asian arm, and cease running both arms out of one holding company based in the U.K.