UK - Prudential M&G expects pre-tax profits to rise 7% to £76m this year - provided the FTSE All-Share Index remains constant.
M&G – which is owned by insurance giant Prudential and has over £105bn in assets under management – posted first half profits of £38m.
Chief executive Michael McLintock said the profits achieved by M&G reflected both the cost-cutting and restructuring that had taken place since it was bought by Prudential in 2000.
In particular, McLintock said M&G had benefited from its “unpopular” decision to sell its loss-making segregated and balanced equity fund management business.
During the third quarter, M&G saw gross institutional fund inflows reach £702m, of which £317m were from its segregated and pooled funds and pooled fund clients.
M&G’s net institutional fund inflows for the third quarter of 2003 were £284m, compared with £59m in the corresponding period last year.
University College Union (UCU) and Universities UK have appointed Joanne Segars to chair the joint expert panel to examine the valuation of the Universities Superannuation Scheme (USS).
The Pensions Regulator (TPR) was right to use its powers to seek financial support from ITV for members of the Box Clever pension scheme, the Upper Tribunal has said.
All 6,000 UK schemes had a surplus of £361bn by the end of last month when calculated under a best estimate return on their assets, according to First Actuarial.
Research highlights confusion about where responsibility to support members on transfers lies. Kim Kaveh looks at the key findings.