M&G's third quarter boosted by 'pleasing' Asset Management performance

M&G PLC on Wednesday said it maintained its positive momentum in the third quarter, reporting growth in assets under management supported by net inflows.

The London-based asset manager said assets under management rose 2.9% to £364.9 billion at September 30 from £354.6 billion at June 30.

M&G’s Asset Management business saw net inflows of £1.5 billion in the quarter, which combined with £300 million in Life, took total net inflows to £1.8 billion, ahead of Visible Alpha consensus of £1.7 billion.

In Asset Management, M&G said Institutional and Wholesale saw net inflows of £800 million and £700 million respectively and £2.7 billion and £1.4 billion year-to-date.

Continued client demand was seen across geographies and asset classes, particularly in European public equities, as well as in private and structured credit.

This momentum is expected to continue in the coming months, supported by new business flows through the partnership with Dai-ichi Life.

In Life, M&G said new business volumes of £300 million in bulk purchase annuities improved compared to £200 million in the first half.

‘We expect to maintain a good level of volumes in the final quarter of the year,’ M&G added.

Chief Executive Officer Andrea Rossi commented: ‘After a strong first half, we have maintained positive momentum, continuing to deliver against our growth priorities,’ and called the Asset Management performance ‘particularly pleasing’.

‘Despite a volatile macroeconomic environment, we are seeing growing momentum across M&G, as we continue to execute on our strategy and deliver strong long-term value to both clients and shareholders,’ Rossi added.

Shares in M&G were up 0.1% at 270.75 pence each in London on Wednesday morning. They have risen 38% in the last 12 months.

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