In an update delivered as part of an event for Prudential investors and analysts in London today, group chief executive Mike Wells, revealed that M&G has cut quarterly net outflows to £1.1bn in the third quarter, from £2bn in the second quarter and £4.1bn in the first.
Wells said the retail asset management business has benefitted from market appreciation as well as the reduced outflows, to leave external assets under management at £136.2bn as of 30 September compared to £126.4bn at the end of 2015. M&G’s total assets under management now stand at £266bn.
Prudential’s other asset management unit Eastspring reported total funds under management up to £115.3bn at 30 September from £89.1bn at the start of the year, with year-to-date external net flows turning positive at the end of the third quarter.
There was also encouraging news from Prudential’s UK Life unit, with new business profit from retail sales up 41% and PruFund assets under management up 38% from the start of 2016 to £22.8bn.
Prudential shares were trading up 1% at 1538p as of late morning on Wednesday.
