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M&G profits rise 19 per cent

M&G Investments has made an operating profit of £284m in 2010, up from £238m in 2009.

The 19 per cent increase primarily reflects strong net inflows, including increased sales of higher margin equity products and improved equity markets.

The group has seen net inflows of £9.1 billion over the course of last year, the second highest level on record. The figure is 32 per cent down on the £13.4bn of net inflows in 2009.

The retail business alone saw net inflows of £7.4bn.

M&G’s fixed income range accounted for 68 per cent of net retail inflows in 2009, that figure fell to 43 per cent in 2010 with the firm citing a move to more bullish markets. Net inflows into equity funds have increased from 26 per cent in 2009 to 48 per cent of total net retail sales in 2010. Over the same period, property funds’ share of total net sales jumped from 3 to 9 per cent.

M&G has also reported a £19bn increase in external funds under management to £89.3bn. M&G’s total funds under management stood at £198.3 billion at the close of business in 2010.

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