M&G profits rise 19% in 2010

M&G has grown its operating profit to £284m in 2010 despite a decline in net inflows.

Prudential's asset management arm says operating profit has climbed 19% in 2010, although the business saw inflows drop. Wider company results show net inflows for asset management came in at £8.9bn in 2010, down from £15.4bn in 2009. M&G said the decline follows exceptional inflows into bond funds the previous year, caused by "the credit spread environment at the time." M&G also saw external funds under management climb to £89.3bn in 2010, up £19bn year on year. Total funds under management stood at £198.3bn at the end of 2010.