UK - Prudential M&G won eight pension fund bond mandates worth £1.3bn last year.
The wins take the fund manager’s total institutional business in pooled and segregated mandates up to £11bn.
Head of institutional funds Pam Burgess said most of the wins came from pension funds which were moving away from balanced arrangements or were making asset allocation switches from equities to bonds.
Typically the mandates were split equally between index-linked gilts, fixed interest gilts and corporate bonds.
Burgess predicted that with time pension funds would opt for a higher weighting of corporate bonds as they grew more comfortable with the asset class.
She also predicted that pension funds would eventually move into high yield bonds which, she said, had already happened with retail bond funds and insurers’ bond portfolios.
She added that one of the reasons for Prudential M&G’s success was its 30-strong credit team.
Prudential M&G’s operating profit was £52m in 2002, a 4% improvement on the last year’s result.
The firm said the result was a “significant achievement” in the current depressed market.
It attributed the growth to its diverse revenue streams and its cost containment measures.
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