M&G reports £3.4 billion of retail sales

M&G says it continues to outsell “all of its competitors” in the British retail market, and overall external funds under management rose by 8% in the first half to £75.7 billion.

The Prudential-owned asset manager says its net retail inflows were £3.4 billion in Britain and Europe.

In Britain its retail assets under management grew 13% in the first half of 2010, compared with growth of just 4% for the market as a whole.

This gave it a 10% share of gross industry retail inflows and a 19% share of net retail inflows, the group says.

Net overall inflows were £4.7 billion in the first six months of 2010, contributing to a total rise of external and internal funds under management by 2% to £178.5 billion, it says. This is 19% higher than the end of the first half in 2009.

A group statement said: “Much of this is due to excellent investment performance. (article continues below)

“Over the three years ending 30 June 2010, 34% of M&G’s retail funds ranked in the top quartile and 66% of funds in the top half.

Operating profits for the first half rose to £122m, a 63% gain compared with the same period in 2009.