M&G posts net asset management inflows in Q1

LONDON (Reuters) – M&G recorded 1 billion pounds ($1.25 billion) of net inflows into its wholesale asset management business in the first quarter, the British insurer said on Thursday, offsetting expected redemptions from institutional clients.

The group said net client inflows, excluding Heritage, stood at 0.4 billion pounds, despite redemptions triggered by the ‘mini-budget crisis’ in September 2022. The figure was up from 0.3 billion in the comparative 2022 period and helped to boost the firm’s assets under management and administration by 2 billion pounds to 344 billion pounds.

Notwithstanding an uncertain external environment, we are building on the inherent strengths of our differentiated business model, delivering profitable growth alongside attractive shareholders returns,” said Chief Executive Andrea Rossi.

($1 = 0.8032 pounds)

(Reporting By Kirstin Ridley, editing by Sinead Cruise)