M&G's Woolnough outstrips Pru CEO with £17.5m pay deal

M&G's fixed income manager Richard Woolnough was paid £17.5m last year, according to reports, a figure more than double that of the CEO of parent company Prudential.

Woolnough, one of the most highly-rated fund managers in the fixed income space, was paid the sum predominantly in Prudential shares, according to Sky News. The figure vastly outstrips Prudential chief executive Tidjane Thiam's pay award of £8.7m for 2013. Woolnough joined M&G a decade ago and has cemented his reputation at the top of the fixed income industry. He runs the largest retail bond fund in the UK- the £18.7bn M&G Optimal Income fund - which is one of the top performing over the last five years, returning 80.6% versus an IMA £ Strategic Bond sector average of 75.9%. Under...