M&G’s UK retail business saw further outflows in the first six months of the year as money continues to flow out of Richard Woolnough’s funds.
The UK business saw net outflows of £516m in the first half of 2014.
The figure was an improvement on the net outflow of £1.2bn during the same period in 2013, but the business had achieved net inflows in the second half of last year.
However, total retail flows were saved by the continental European business, which saw a net inflow of £4.2bn, though the figure was a drop-off from the £5.6bn of net new money brought in from Europe in the first half of 2013.
Data from FE Analytics shows that Mr Woolnough’s £5.3bn M&G Corporate Bond and £4.9bn M&G Strategic Corporate Bond funds have continued to see outflows so far this year, following M&G’s decision to limit inflows into the large funds.
The £3bn M&G Global Basics fund, now managed by Randeep Somel, and Tom Dobell’s £6.6bn M&G Recovery fund have also contributed to the net outflows so far this year, according to FE.
