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From Wikipedia, the free encyclopedia

M&G
Public
Traded asLSEMNG
ISINGB00BKFB1C65
IndustryFinancial services
Founded1931; 89 years ago (1931) (demerged 2019)
HeadquartersLondon, England, UK
Key people
  • Mike Evans (chair­person) Edit this on Wikidata
  • John Foley (CEO) Edit this on Wikidata
BrandsM&G Investments
M&G Real Estate
Infracapital
Prudential
Revenue£11,074 million (2019)[1]
£1,123 million (2019)[1]
AUM£ 352 billion (2019)[1]
Number of employees
5,680 (2019)
Websitewww.global.mandg.com

M&G plc is a British investment manager in the United Kingdom and overseas. M&G invests in and manages a wide range of assets including Equities, Fixed Income and Real Estate. M&G also manages more esoteric assets within the private finance arena such as Structured Products (including CDOs), Leveraged Finance, Project and Infrastructure Finance. After its de-merger from Prudential it has been listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. It is headquartered in the City of London.

History

Pre-2000

Municipal & General Securities Company Limited launched the first ever UK unit trust in 1931, the First British Fixed Trust.[2] It held the shares of 24 leading companies in a fixed portfolio that was not changed for the fixed lifespan of 20 years. The trust was relaunched as the M&G General Trust and later renamed as the Blue Chip Fund.[3]

M&G Investments introduced its savings or "thrift" plans in 1954.[4]

In March 1999 M&G Investments, which by then was the UK's largest unit trust group, was acquired by Prudential plc.[5]

2000-2020

In May 2016, it announced it was to launch a direct online investment service for retail investors to invest directly in its range of funds.[6]

In July 2016, M&G Investments suspended redemptions on its £4.4 billion Property Portfolio fund following heavy withdrawals after the referendum on the UK's exit from the European Union.[7][8][9]

In August 2017, Prudential plc (the parent company of M&G Investments) announced it would merge M&G Investments with its Prudential UK and Europe businesses to form a new division. The division would be called M&GPrudential, which the firm described as a savings and investments business. The business would control some £332 billion in assets with over six million customers.[10] Then in August 2019 it announced that it would de-merge the investment business as "M&G plc".[11] The de-merger was completed in October 2019.[12]

In December 2019, M&G was forced to gate a £2.5 billion property fund after liquidity was challenged. The company said it was due to Brexit and Election uncertainty.[13]

2020-

In 2020, it announced its intention to acquire Ascentric, a digital wealth management platform, from its competitor Royal London. The deal is expected to also transfer £14 billion in assets under management.[14]

Current operations

As of the FY 2019 end (March 2020), M&G managed £352 billions in assets on behalf of its clients. The heritage insurance business accounted for £143 billions of those, with savings and investments making up the rest. Within the latter are the retail and institutional asset management business and the with-profit funds. The company is servicing 28 markets from its 22 locations.[15] It still operates two fully owned subsidiaries: M&G Real Estate, providing global real estate investment services, and Infracapital, a specialised infrastructure investment firm.[16]

M&G has also extended its offering by branching out into sustainable investing. In 2018, it launched a positive impact fund.[17]

Sponsorship

M&G is the official sponsor of the RHS Chelsea Flower Show.[18] It also has a long history of sponsoring ski schools and advertising in European ski resorts.[19]

Notable current and former employees

Business

Sports

References

  1. ^ a b c "Preliminary Results 2019" (PDF). M&G. Retrieved 10 March 2020.
  2. ^ "Notes & Comments, The Fixed Trust:". The Glasgow Herald. 23 April 1931. p. 12. Retrieved 8 March 2017.
  3. ^ "M&G to merge Blue Chip away". Investment Week. 1 May 2006.
  4. ^ "PEPs bring power to the people". The Independent. 15 October 1995. Retrieved 4 October 2019.
  5. ^ "Pru buys M&G for agreed pounds 1.9bn". The Independent. 12 March 1999. Retrieved 4 October 2019.
  6. ^ "M&G online service to undercut fund supermarkets". FundsandShares.co.uk. Archived from the original on 16 August 2016. Retrieved 9 July 2016.
  7. ^ Sarah Jones (5 July 2016). "U.K. Property Funds Freeze $12 Billion to Halt Brexit Retreat". Bloomberg.com. Retrieved 9 July 2016.
  8. ^ Lazarus, Darren (5 July 2016). "Third U.K. Property Fund Halts Withdrawals Amid Brexit Market Turmoil". WSJ.com. Retrieved 9 July 2016.
  9. ^ "A $6 billion UK property fund stopped people withdrawing money after investors all rushed for the exit". Business Insider. Retrieved 9 July 2016.
  10. ^ "M&G and Prudential arms to merge". Citywire. 10 August 2017. Retrieved 4 October 2019.
  11. ^ "M&G goes 'full circle' as it reveals branding ahead of demerger". Portfolio Adviser. 14 August 2019. Retrieved 4 October 2019.
  12. ^ "Prudential Completes Demerger Of M&G, Shares Begin Trading In London". Morning Star. 21 October 2019. Retrieved 22 October 2019.
  13. ^ Lowe2020-02-25T18:22:00+00:00, Richard. "M&G keeps UK property fund suspended". Real Assets. Retrieved 3 July 2020.
  14. ^ "M&G acquires Royal London's £14bn Ascentric platform". Wealth Manager. Retrieved 3 July 2020.
  15. ^ "M&G Annual Report 2019" (PDF). M&G plc.
  16. ^ "Infracapital :: Home". www.infracapital.co.uk. Retrieved 3 July 2020.
  17. ^ Cheek, Sebastian (26 November 2018). "M&G launches positive impact fund". International Adviser. Retrieved 3 July 2020.
  18. ^ "The M&G Garden - The Retreat". BBC. Retrieved 4 October 2019.
  19. ^ "M&G Ski Branding Campaign". The Dots. Retrieved 3 July 2020.
This page was last edited on 16 October 2020, at 09:02
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