M&G sees fresh £500m UK retail outflow in H1

M&G has reported net retail outflows of £516m across its UK business in the first half of 2014, even as its European retail business continues to attract major interest.

Parent company Prudential said this morning that M&G's operating profits rose 11% to £227m in the first half, largely driven by net continental European retail inflows of £4.2bn. In the UK, however, the retail business saw net outflows of £516m between January and the end of June. M&G said UK sales are now “showing signs of stabilisation”, having seen net outflows of £1.2bn in the same period in 2013. UK retail had returned to net inflows in the second half of 2013, however, and some of the impediments to H1 2013 flows - such as the stemming of money coming into Richard Woolnough’s...