Prudential

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.

Effective from 1 July

A 'challenging' year for the asset management arm

Further work planned following closed book review

Previously interim CEO

Net retail outflows of £4bn in third quarter

Jackie Hunt has left the business

Firm worried about Solvency II rules

New range to complement existing active products

M&G has seen £3.4bn retail net outflows in the first six months of the year and has warned profits are expected to be "dampened" for the rest of the year as investors continue to shun fixed income funds.