Bank of America reiterates M&G 'Buy' rating following 'impressive' H1 flows

'On the right track'

Bank of America has reiterated its ‘Buy’ recommendation on M&G after the firm’s half-year results beat analyst forecasts on both profits and flows into its asset management business.

In its half-year results to the end of June 2023, the asset manager reported that adjusted profits before tax had jumped 31% to £390m, beating analyst expectations of £284m. Strong inflows into its wholesale asset management business drove net inflows of £700m during the period despite heavy redemptions from its institutional client base, while assets under management and administration fell by 4.7% to £332.8bn. M&G profits jump by 30% despite assets falling as institutional outflows grow In a research note, analysts Andrew Sinclair, David Barma and Freya Kong said M&G was "on the ...