M&G reports £7bn outflows in H1 as it warns of further revenue pressures

The asset management arm of the insurer has seen outflows since the second quarter of 2015, and posted a further £7bn of net redemptions for the first six months of 2016. Gross redemptions at the business came to £16.7bn, while gross inflows only amounted to £9.7bn. A large proportion of outflows was from the group's retail business, which shed some £6.1bn of investors' money, with the remainder coming out of institutional funds. The business also reported a 10% drop in operating profit from £251m in the first half of 2015, to £225m in the first six months of 2016. As a result,...