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...
To continue reading this article...
Join Investment Week for free
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes