The figure is quadruple the amount taken in 2008 and the highest taken in this decade, according to the firm.
Gross inflows hit £4.4bn in the first quarter of 2009, marking a 32 per cent increase on 2008, while M&G’s Retail Business has seen gross sales rise 79 per cent in Q1 2008 to £3.3bn. New flows for the quarter stood at £2.2bn, compared to zero for 2008.
Bond funds were the dominant seller for the group, accounting for 74 per cent of gross inflows in 2009, this compares to 24 per cent for 2008. Equity funds also attracted £200m this year with the group recording a small outflow in Q1 2008.
The group has however seen gross sales in the institutional market fall 27 per cent from Q1 2008, with total sales for the first quarter of this year at £1.1bn.
M&G chief executive Michael McLintock says: “These outstanding results reflect M&G’s focus on investment performance and the merits of its diversification strategy. We have been able to benefit from changing investor preferences because of our considerable strength across all the principal asset classes.”
Comments