Prudential

M&G reported a record level of net inflows in the third quarter of £6.4bn, bringing total inflows to £11.3bn for the first nine months of the year, a 329% rise from 2011.

Prudential has dropped funds including Richard Buxton's Schroder UK Alpha Plus fund from its Dynamic Portfolio range in a move to diversify UK equity risk.

CONTRARIAN INVESTOR

THE BIG QUESTION

Prudential has appointed Paul Manduca as chairman, succeeding Harvey McGrath in the £600,000 post.

ON ASSET ALLOCATION

Insurer Prudential is set to name Paul Manduca as its next chairman after a five-month search, replacing Harvey McGrath, the Telegraph reports.

M&G Investments, the country's largest asset manager, saw its net inflows rise 5% to nearly £1.8bn in Q1, as parent company Prudential also reported a jump in sales.

Prudential is proposing to merge three unit trusts into M&G funds run by Graham French, Alex Odd, and Matthew Vaight & Michael Godfrey in the latest review of its product range.

Sir Nigel Rudd, the former Citigroup banker, is in the running to become the next chairman of Prudential.