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.
The two-sided simplified annual pensions statement should be applauded, even if it missing information, says Jonathan Stapleton.
LGPS Central has appointed Hermes Equity Ownership Services (EOS) to run engagement and voting services for the investments of its nine local authority funds.
The Universities Superannuation Scheme (USS) is being pressed to ignore advice from a joint expert panel, which would store up problems with "pernicious consequences" for the higher education sector.
Simon Eagle of Willis Towers Watson says that, based on his work for Royal Mail, well-designed collective defined contribution (CDC) funds would be viable for some other UK employers too.