Pru shares rise despite M&G suffering £11bn retail outflow in 2015

A 'challenging' year for the asset management arm

M&G has reported retail net outflows of almost £11bn in a "challenging" 2015, but net inflows in its institutional arm meant profits were broadly in line with the previous year.

In parent group Prudential's annual results released this morning, M&G reported IFRS operating profits of £442m for the year, slightly lower than the £446m reported in 2014. This is despite funds under management falling 7% from £264bn to £246.1bn in the asset management business as a result of total net outflows of £7bn. This was largely from the retail business, which saw £10.9bn of net outflows - up from £6.7bn the previous year. The retail outflows offset postitive institutional net flows of £3.9bn, up from just £400m in 2014. M&G posts £10bn decline in FUM as it warns on Q4...