Record year for MandG

M&G boasted record funds under management in 2012, although UK net sales were 30% below 2011 levels and are expected to continue to slow through 2013.

Record year for MandG

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The asset management arm of Prudential saw funds under management increase 13% to an all-time high of £228bn as a result of both net flows and rising bond and equity values.

It reported global net inflows of £16.9bn, up 285% from the £4.4bn seen in 2011. Underlying profit for the year rose by 14% to a record £298m.

Net fund sales in continental Europe also reached record levels at £5.2bn while assets sourced from outside the UK increased by 4% to account for 29% of total retail funds under management.

However, in the core UK market, M&G net sales totalled £3bn, 30% less than the previous year, after flows into its Richard Woolnough-led Corporate Bond and Strategic Bond funds were limited in July as a performance safeguard.

Despite this, the asset manager was still the top-selling investment management house in 2012, and has ranked number one for both net and gross fund sales for four consecutive calendar years.

 

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