View more on these topics

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


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.


Old Mutual Wealth 2014

Private equity bidders circle Old Mutual Wealth

A number of America’s biggest private equity firms are preparing bids for Old Mutual Wealth, the Sunday Times reports. The wealth division is said to be the most attractive to buyout funds following the announcement the Old Mutual group will be split into four businesses. Firms including Advent International, Bain Capital and Carlyle are weighing […]


ABI: £6bn withdrawn since pension freedoms launch

Savers have withdrawn £5.9bn since the pension freedom reforms came into force, according to the Association of British Insurers. The new data, which covers the first nine months of the reforms, reveals £3bn has released through 213,000 lump-sum payments, with an average payment of £14,800. The trade body adds £2.9bn was taken through 835,900 income […]

Generation Rent

By Denise Wond, marketing manager We’ve heard a great deal about Generation Rent in recent years but what does it actually mean for consumers and advisers and has the face of the typical renter changed? The picture is certainly more diverse than it used to be. Homeownership is at its lowest point in 30 years, […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment