M&G hit with £1.2bn UK outflow after move to stem flows

The arrival of the RDR and the decision to stem flows into Richard Woolnough's corporate bond funds saw M&G's UK retail business suffer outflows in H1 2013.

Reporting results for the six months to 30 June, the fund house's parent company Prudential said M&G saw overall net outflows of £1.2bn in its UK retail business over the period, compared with £2.8bn in H1 2012. The group pointed to its "proactive" decision to slow flows into Woolnough's (pictured) Corporate Bond and Strategic Corporate Bond funds and said RDR implementation had also dampened activity. "In the UK after four consecutive calendar years and 15 consecutive quarters as the number one house for both net and gross sales, an unprecedented achievement, new business has slowed,...