M&G suffers £700m net UK retail outflow in 2013

M&G has reported net outflows of £700m from its UK retail business for 2013 after slowing flows into some of its most popular funds.

Reporting its annual results, parent company Prudential said M&G posted record profits in 2013 but acknowledged its UK business had "slowed" following four successive years atop the UK net retail sales chart. While Prudential said M&G remained the leading fund group by gross UK retail sales last year, the business nonetheless saw £700m in net outflows. The group said that primarily reflected the decision to slow flows into Richard Woolnough's Corporate Bond and Strategic Corporate Bond funds - decisions which have now been reversed due to improving market conditions. The bulk of th...