M&G profits nearly halve despite return to inflows

Profits at M&G fell 44% over the first half of the year as assets under management and administration shed £21.1bn despite a return to net inflows across its wholesale business for the first time in four years. According to the firm's half year results, adjusted operating profit before tax fell from £327m to £182m, which was attributed to current market conditions, increasing expenses and a high core cost base. Two thirds of M&G AUM fails to meet performance expectations IFRS loss before tax rose four-fold compared to the same period last year, up to £1.3bn from a figure of £304m. ...