8th Jun 2023 09:24
(Alliance News) - M&G PLC on Thursday said it started 2023 with strong momentum carried over from the previous year.
The London-based investment manager said at the end of March, its assets under management and administration edged up to GBP344 billion from GBP342 billion at the end of 2022.
It reported net client outflows of GBP1.1 billion during the quarter. Excluding heritage, it saw net inflows of GBP400 million, which was down from GBP1.6 billion a year before.
Chief Executive Officer Andrea Rossi said: "I am particularly encouraged by the GBP1.0 billion net client inflows achieved in Wholesale Asset Management in just three months. Thanks to this success, we more than offset the expected redemptions from institutional clients and drove inflows into high-margin propositions."
Looking ahead, it said it remains committed to its disciplined capital management framework and policy of stable or increasing dividends per share.
In March, M&G said AuMA at the end of 2022 amounted to GBP342.0 billion, down 7.6% on-year from GBP370.0 billion.
Shares in M&G were down 0.8% at 202.30 pence each on Thursday morning in London.
By Xindi Wei, Alliance News reporter
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