M&G’s assets under management increased marginally to £370bn during the first half of 2021, as institutional inflows offset retail investor outflows.
The company reported a £248m pre-tax IFRS loss for the six-month period to the end of June, compared to a year-on-year profit of £826m.
Its adjusted pre-tax profit for the period was £327m, up 6% when compared with the same period a year earlier.
According to the results statement, the net client outflows in its retail asset management division totalled £3.4bn, with sales in both Europe and Asia returning to net positive territory in May and June. Data from Morningstar showed £966m exiting from the M&G Property Portfolio alone.
It also reported an improvement in fund performance within the division, with 63% of funds in the top two performance quartiles over one year, compared with 20% in 2020.
Meanwhile, the firm’s institutional assets under management hit £89.7bn, with £2.2bn in net inflows recorded during the period driven by European clients.
M&G chief executive John Foley (pictured) said: “Today’s results show good progress on our actions to reposition the business for sustainable growth and continued strong total capital generation.”
The company has declared an interim dividend of 6.1p per share.
