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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 £344 billion from £342 billion at the end of 2022. It reported net client outflows of £1.1 billion during the quarter. Excluding heritage, it saw net inflows of £400 million, which was down from £1.6 billion a year before. Chief Executive Officer Andrea Rossi said: ‘I am particularly encouraged by the £1.0 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 £342.0 billion, down 7.6% on-year from £370.0 billion. Shares in M&G were down 0.8% at 202.30 pence each on Thursday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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