The London-based firm saw net inflows from open business of £7.8 billion, compared to £1.9 billion net outflows in the previous year, helped by fresh cash from external asset management clients into M&G’s public equities and private markets strategies. Assets under management and administration rose 3% from the end of September to £375.9 billion.
Chief executive officer Andrea Rossi last year set new targets for the firm, which was spun out of Prudential plc in 2019, after years of cost-cutting. The targets include a goal of at least 5% average annual growth in adjusted pretax operating profit through 2027.
In May, Rossi struck a distribution partnership with Dai-ichi Life Holdings Inc that will see the Japanese insurer take a roughly 15% stake in M&G.
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