M&G profits jump by 30% despite assets falling as institutional outflows grow

Net client inflows of £700m

M&G profits soared in the first half of 2023, even as assets under management and administration fell due to heavy institutional outflows.

The firm's adjusted profits before tax jumped to 31% to £390m, according to its half-year results to June 2023, beating analysts expectations of £284m. Assets under management and administration dropped by 4.7% to £332.8bn during the period, missing analyst forecasts of £339bn.  Net client flows, excluding heritage, fell to £700m from £1.2bn in the first half of 2022, but rose from the £300m collected at the end of last year. Analysts had predicted £2.2bn in outflows for the period.  M&G launches full PruFund range on Wealth platform M&G's wholesale asset management business att...