M&G reverses UK outflows in Q3

M&G's retail funds under management are up 24% year on year to £64.5bn at 30 September, driven primarily by strong inflows from European clients, with UK flows turning positive again in Q3.

Total net inflows at M&G over the third quarter were £5.1bn, taking the total over the first nine months of the year to £8.9bn. Net fund flows from Europe for M&G's retail business for the first nine months of 2013 were up 82% year-on-year, to £6.4bn. The group also saw net inflows of £300m in Q3 in its UK business, following a £1.2bn outflow in the first half of the year. M&G again noted the lower level of UK flows is partly due to "a proactive decision to slow contributions" into Richard Woolnough's corporate bond funds in order to protect investment performance. Total net ret...