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M&G

From Wikipedia, the free encyclopedia

M&G plc
Formerly
  • M&G Prudential Limited (2018–2019)
  • M&G Prudential plc (July–September 2019)[1][2]
Company typePublic
LSE: MNG
FTSE 100 component
ISINGB00BKFB1C65
IndustryFinancial services
Founded1931; 93 years ago (1931) (demerged 2019)
HeadquartersLondon, England, UK
Key people
Andrea Rossi (CEO)
BrandsM&G Investments
M&G Real Estate
M&G Recovery Fund
RevenueIncrease £3,887 million (2023)[3]
Increase £749 million (2023)[3]
Increase £309 million (2023)[3]
AUMIncrease £343.5 billion (2023)[3]
Number of employees
c.5,000 (2023)[4]
Websitemandgplc.com

M&G plc is a global investment manager headquartered in the City of London. Since its de-merger from Prudential plc, it has been listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

History

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Pre-2000

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Municipal & General Securities Company Limited launched the First British Fixed Trust in 1931.[5] It held the shares of 24 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.[6]

M&G Investments introduced its savings or "thrift" plans in 1954.[7]

In March 1999 M&G Investments, which by then was the UK's largest unit trust group, was acquired by Prudential plc.[8]

2000–2020

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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.[9]

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.[10][11][12]

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.[13] Then in August 2019 it announced that it would de-merge the investment business as "M&G plc".[14] The de-merger was completed in October 2019.[15]

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.[16]

2020–2021

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In 2020, it announced its intention to acquire Ascentric, a digital wealth management platform, from its competitor Royal London.[17] In August 2021, M&G acquired Sandringham Financial Partners. Sandringham will be part of M&G Wealth. The acquisition will bring more than £2.5 billion of assets under advice to M&G plc.[18]

Current operations

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The operates two fully owned subsidiaries: M&G Real Estate, providing global real estate investment services, and Infracapital, a specialised infrastructure investment firm.[19]

Sponsorship

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M&G was the official sponsor of the RHS Chelsea Flower Show until 2022.[20]

Notable current and former employees

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The group chief executive John Foley[21] joined former M&G parent Prudential in 2000[22] as deputy group treasurer,[23] subsequently leading the combination of M&G Investments with Prudential’s UK insurance business.[22] In 2015, Foley became chief executive.[24] In 2017, he executed the merger of the company with M&G Investments and Prudential UK and managed the enlarged M&G through the demerger from Prudential plc in 2019, after the decision was made to shift the focus on Asia and Africa.[22][25] In April 2022, M&G announced Foley's retirement after 22 years to leave once his successor has been found.[25]

In September 2022, the company announced the appointment Andrea Rossi as its new CEO, starting on 10 October on a salary of £875,000 and a bonus package.[26] Upon appointment, Rossi said that he would not pursue a break-up of the business.[27]

Business

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Sports

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References

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  1. ^ "M&G PLC overview". Companies House. 2 July 2018. Retrieved 23 January 2024.
  2. ^ "Home". M&G. Retrieved 23 January 2024.
  3. ^ a b c d "Annual Results 2023" (PDF). M&G. Retrieved 21 March 2024.
  4. ^ "M&G". Oracle. Retrieved 14 February 2023.
  5. ^ "Notes & Comments, The Fixed Trust". The Glasgow Herald. 23 April 1931. p. 12. Retrieved 8 March 2017.
  6. ^ "M&G to merge Blue Chip away". Investment Week. 1 May 2006.
  7. ^ "PEPs bring power to the people". The Independent. 15 October 1995. Retrieved 4 October 2019.
  8. ^ "Pru buys M&G for agreed pounds 1.9bn". The Independent. 12 March 1999. Retrieved 4 October 2019.
  9. ^ "M&G online service to undercut fund supermarkets". FundsandShares.co.uk. Archived from the original on 16 August 2016. Retrieved 9 July 2016.
  10. ^ Sarah Jones (5 July 2016). "U.K. Property Funds Freeze $12 Billion to Halt Brexit Retreat". Bloomberg.com. Retrieved 9 July 2016.
  11. ^ Lazarus, Darren (5 July 2016). "Third U.K. Property Fund Halts Withdrawals Amid Brexit Market Turmoil". WSJ.com. Retrieved 9 July 2016.
  12. ^ "A $6 billion UK property fund stopped people withdrawing money after investors all rushed for the exit". Business Insider. 6 July 2016. Retrieved 9 July 2016.
  13. ^ "M&G and Prudential arms to merge". Citywire. 10 August 2017. Retrieved 4 October 2019.
  14. ^ "M&G goes 'full circle' as it reveals branding ahead of demerger". Portfolio Adviser. 14 August 2019. Retrieved 4 October 2019.
  15. ^ "Prudential Completes Demerger Of M&G, Shares Begin Trading In London". Morning Star. 21 October 2019. Retrieved 22 October 2019.
  16. ^ Lowe2020-02-25T18:22:00+00:00, Richard. "M&G keeps UK property fund suspended". Real Assets. Retrieved 3 July 2020.{{cite web}}: CS1 maint: numeric names: authors list (link)
  17. ^ "M&G acquires Royal London's £14bn Ascentric platform". Wealth Manager. Retrieved 3 July 2020.
  18. ^ "M&G plc to acquire Sandringham Financial Partners". Retrieved 24 August 2021.
  19. ^ "Infracapital :: Home". www.infracapital.co.uk. Retrieved 3 July 2020.
  20. ^ "The M&G Garden – The Retreat". BBC. Retrieved 4 October 2019.
  21. ^ "MNG.UK Company Profile & Executives - M&G PLC - Wall Street Journal". www.wsj.com. Retrieved 22 May 2022.
  22. ^ a b c Harriet Agnew, Adrienne Klasa (27 April 2022). "M&G chief executive John Foley to retire". Financial Times. Archived from the original on 11 December 2022. Retrieved 22 May 2022.
  23. ^ Tom Budszus (27 April 2022). "TOP NEWS: M&G Chief Executive Officer John Foley to resign". Morningstar UK. Alliance News Limited. Retrieved 22 May 2022.
  24. ^ Patrick Hosking (27 April 2022). "M&G chief John Foley retires amid flurry of boardroom changes". The Sunday Times. Retrieved 22 May 2022.
  25. ^ a b Sally Hickey (27 April 2022). "M&G CEO John Foley to retire after 22 years". FT Adviser. Retrieved 22 May 2022.
  26. ^ "M&G names Andrea Rossi as next chief executive". Investment Week. 29 September 2022. Retrieved 29 September 2022.
  27. ^ Hotten, Russell. "Andrea Rossi, former Axa boss appointed to head M&G, rules out break-up of firm". ISSN 0140-0460. Retrieved 29 September 2022.
  28. ^ "Anne Richards Quits M&G to Head $414 Billion Money Manager". Bloomberg.com. 27 July 2018.
  29. ^ Neate, Rupert (3 April 2014). "Prudential's mystery fund manager paid £17.5m revealed". The Guardian. Retrieved 2 April 2014.
  30. ^ "Mr. Ian Fairbairn". Obituaries. The Times. No. 57430. London. 10 December 1968. col F, p. 10.
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