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M&G
British fund management company From Wikipedia, the free encyclopedia
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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.
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History
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Pre-2000
Municipal & General Securities Company Limited launched the First British Fixed Trust in 1931.[4] 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.[5]
M&G Investments introduced its savings or "thrift" plans in 1954.[6]
In March 1999 M&G Investments, which by then was the UK's largest unit trust group, was acquired by Prudential plc.[7]
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.[8]
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.[9][10][11]
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.[12] Then in August 2019 it announced that it would de-merge the investment business as "M&G plc".[13] The de-merger was completed in October 2019.[14]
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.[15]
2020–2021
In 2020, it announced its intention to acquire Ascentric, a digital wealth management platform, from its competitor Royal London.[16] 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.[17]
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Current operations
The company operates two fully owned subsidiaries: M&G Real Estate, providing global real estate investment services, and Infracapital, a specialised infrastructure investment firm.[18]
Sponsorship
M&G was the official sponsor of the RHS Chelsea Flower Show until 2022.[19]
Notable current and former employees
The group chief executive John Foley[20] joined former M&G parent Prudential in 2000[21] as deputy group treasurer,[22] subsequently leading the combination of M&G Investments with Prudential’s UK insurance business.[21] In 2015, Foley became chief executive.[23] 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.[21][24] In April 2022, M&G announced Foley's retirement after 22 years to leave once his successor has been found.[24]
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.[25] Upon appointment, Rossi said that he would not pursue a break-up of the business.[26]
Business
- Anne Richards – CEO of Fidelity International (2017– )[27]
- Richard Woolnough – Fund Manager at M&G Investments; highest paid fund manager in 2014[28]
Sports
- Ian Fairbairn – Rower; Summer Olympics (1924)[29]
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References
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