Prudential

M&G chief executive Michael McLintock has raked in nearly £700,000 after selling shares in parent company Prudential.

Prudential is set to merge its Income trust into the M&G Dividend fund as part of a wider range of fund consolidations, creating a £1bn portfolio.

Prudential's head of portfolio management group John Betteridge explains why recent market turbulence should not be compared with the crisis of three years ago.

M&G, the asset management arm of insurer Prudential, saw profits rise 39% in the first half of 2011 despite a sharp decline in inflows.

M&G's top-performing fund manager Stuart Rhodes has bought into parent company Prudential as the firm raised its dividend by 20%.

Prudential's chairman Harvey McGrath has insisted he will continue in his role despite a mini revolt at the company's AGM yesterday.

Fidelity is understood to be among a number of leading fund managers and investors who will vote against Prudential chairman Harvey McGrath's re-election.

The FSA is investigating Prudential and its investment bank advisers Credit Suisse, JPMorgan and HSBC over the insurer's $35bn aborted bid for AIA, according to reports.

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

The FTSE100 fell in early trading as concerns over EU debt problems offset any reassurance the market might take from easing oil prices.