M&G reports record AUM in Q1 despite stemming bond fund flows

M&G saw funds under management hit a new record in Q1 as strong sales in Europe offset outflows from the UK market after moves to slow flows into its leading bond fund range.

Total funds under management reached £238.4bn over the period, a 17% increase from 2012, while external FUM hit £119.2bn, a 28% increase. Net inflows jumped 38% to £2.4bn during Q1, driven by strong retail sales in Continental Europe which offset weaker sales in the UK market. Net inflows from European investors reached a record £2.9bn, almost double the £1.5bn reported in the first quarter of 2012, the group said. However, the business saw outflows from its UK investors which it said is due to last year's decision to slow flows into its two large corporate bond portfolios, managed...