M&G tilts focus to life channel as asset management demand stalls 

M&G avoided net outflows in the third quarter as stronger demand for bulk purchase annuities lifted business in its Life channel, offsetting weaker asset management flows. The shift matters because it has led the group to raise its full-year sales guidance for these pension risk transfer products.

M&G reported £1.8bn in net inflows, unchanged from a year earlier; £1.1bn came through Life, including more than £100m for its Prufund option. Asset management inflows fell 53 per cent to £0.7bn, while wholesale inflows dropped to £100m from £700m and client redemptions reached £5.1bn. Private market inflows fell 87.5 per cent to £0.1bn, and total assets under management and administration declined to £385bn from £387bn in the previous quarter.