M&G

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M&G plc
TypePublic
LSE: MNG
FTSE 100 component
ISINGB00BKFB1C65
IndustryFinancial services
Founded1931; 92 years ago (1931) (demerged 2019)
HeadquartersLondon, England, UK
Key people
Andrea Rossi (CEO)
BrandsM&G Investments
M&G Real Estate
RevenueDecrease £4,784 million (2021)[1]
Decrease £707 million (2021)[1]
Decrease £92 million (2021)[1]
AUM£370.0 billion (2021)[1]
Number of employees
c.5,000 (2021)[2]
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[edit]

Pre-2000[edit]

Municipal & General Securities Company Limited launched the First British Fixed Trust in 1931.[3] 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.[4]

M&G Investments introduced its savings or "thrift" plans in 1954.[5]

In March 1999 M&G Investments, which by then was the UK's largest unit trust group, was acquired by Prudential plc.[6]

2000–2020[edit]

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.[7]

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.[8][9][10]

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.[11] Then in August 2019 it announced that it would de-merge the investment business as "M&G plc".[12] The de-merger was completed in October 2019.[13]

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.[14]

2020–2021[edit]

In 2020, it announced its intention to acquire Ascentric, a digital wealth management platform, from its competitor Royal London.[15] 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.[16]

Current operations[edit]

The operates two fully owned subsidiaries: M&G Real Estate, providing global real estate investment services, and Infracapital, a specialised infrastructure investment firm.[17]

Sponsorship[edit]

M&G is the official sponsor of the RHS Chelsea Flower Show.[18]

Notable current and former employees[edit]

The group chief executive John Foley[19] joined former M&G parent Prudential in 2000[20] as deputy group treasurer,[21] subsequently leading the combination of M&G Investments with Prudential’s UK insurance business.[20] In 2015, Foley became chief executive.[22] 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.[20][23] In April 2022, M&G announced Foley's retirement after 22 years to leave once his successor has been found.[23]

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.[24] Upon appointment, Rossi said that he would not pursue a break-up of the business.[25]

Business[edit]

Sports[edit]

References[edit]

  1. ^ a b c d "Preliminary Results 2021" (PDF). M&G. Retrieved 8 March 2022.
  2. ^ "M&G". Oracle. Retrieved 8 March 2022.
  3. ^ "Notes & Comments, The Fixed Trust". The Glasgow Herald. 23 April 1931. p. 12. Retrieved 8 March 2017.
  4. ^ "M&G to merge Blue Chip away". Investment Week. 1 May 2006.
  5. ^ "PEPs bring power to the people". The Independent. 15 October 1995. Retrieved 4 October 2019.
  6. ^ "Pru buys M&G for agreed pounds 1.9bn". The Independent. 12 March 1999. Retrieved 4 October 2019.
  7. ^ "M&G online service to undercut fund supermarkets". FundsandShares.co.uk. Archived from the original on 16 August 2016. Retrieved 9 July 2016.
  8. ^ Sarah Jones (5 July 2016). "U.K. Property Funds Freeze $12 Billion to Halt Brexit Retreat". Bloomberg.com. Retrieved 9 July 2016.
  9. ^ Lazarus, Darren (5 July 2016). "Third U.K. Property Fund Halts Withdrawals Amid Brexit Market Turmoil". WSJ.com. Retrieved 9 July 2016.
  10. ^ "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.
  11. ^ "M&G and Prudential arms to merge". Citywire. 10 August 2017. Retrieved 4 October 2019.
  12. ^ "M&G goes 'full circle' as it reveals branding ahead of demerger". Portfolio Adviser. 14 August 2019. Retrieved 4 October 2019.
  13. ^ "Prudential Completes Demerger Of M&G, Shares Begin Trading In London". Morning Star. 21 October 2019. Retrieved 22 October 2019.
  14. ^ Lowe2020-02-25T18:22:00+00:00, Richard. "M&G keeps UK property fund suspended". Real Assets. Retrieved 3 July 2020.
  15. ^ "M&G acquires Royal London's £14bn Ascentric platform". Wealth Manager. Retrieved 3 July 2020.
  16. ^ "M&G plc to acquire Sandringham Financial Partners". Retrieved 24 August 2021.
  17. ^ "Infracapital :: Home". www.infracapital.co.uk. Retrieved 3 July 2020.
  18. ^ "The M&G Garden – The Retreat". BBC. Retrieved 4 October 2019.
  19. ^ "MNG.UK Company Profile & Executives - M&G PLC - Wall Street Journal". www.wsj.com. Retrieved 22 May 2022.
  20. ^ 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.
  21. ^ 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.
  22. ^ Patrick Hosking (27 April 2022). "M&G chief John Foley retires amid flurry of boardroom changes". The Sunday Times. Retrieved 22 May 2022.
  23. ^ a b Sally Hickey (27 April 2022). "M&G CEO John Foley to retire after 22 years". FT Adviser. Retrieved 22 May 2022.
  24. ^ "M&G names Andrea Rossi as next chief executive". Investment Week. 29 September 2022. Retrieved 29 September 2022.
  25. ^ 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.
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