Pru plans M&G fund manager pay cap after Woolnough's £32m award - report

Prudential is considering plans to cap fund manager pay at asset management arm M&G Investments, after bond veteran Richard Woolnough scooped £32m in two years, according to reports.

Sky News reported Prudential is looking at imposing a limit on employee pay. Details of the proposals are still being finalised, but are expected to apply to new managers, rather than existing employees. It is unclear at what level the pay cap would be set, or structured, with both M&G and Prudential declining to comment. Sources quoted in the report said there had been some "embarrassment" at Prudential about the level of payouts awarded to Woolnough (pictured) during the previous two years, although there was no suggestion his performance had not merited the awards. Woolnough, wh...