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Prudential to cap M&G fund manager pay after Woolnough bags £32m deal

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Prudential is reportedly working on plans to cap the pay of fund managers at M&G after one fund manager took home £32m over two years.

Sky News reports the insurance giant will limit pay at the asset management division, but says there are no details on what pay will be limited to or how a cap will be structured.

Details of the pay cap are expected to be released in the company’s annual report in the next few weeks.

However, Woolnough is likely to be paid less this year, as the Optimal Income fund saw outflows over 2015.

M&G saw £32bn of gross outflows last year, with £10.9bn of net outflows for the period as retail investors moved away from the asset manager’s bond funds.

Operating profit at M&G stood at £442m for the year, broadly flat in comparison to 2014’s figure.

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