Formerly | |
---|---|
Company type | Public |
LSE:
MNG FTSE 100 component | |
ISIN | GB00BKFB1C65 |
Industry | Financial services |
Founded | 1931 | (demerged 2019)
Headquarters | London, England, UK |
Key people | Andrea Rossi (CEO) |
Brands |
M&G Investments M&G Real Estate M&G Recovery Fund |
Revenue | £3,887 million (2023) [3] |
£749 million (2023) [3] | |
£309 million (2023) [3] | |
AUM | £343.5 billion (2023) [3] |
Number of employees | c.5,000 (2023) [4] |
Website |
mandgplc |
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.
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]
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]
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]
The operates two fully owned subsidiaries: M&G Real Estate, providing global real estate investment services, and Infracapital, a specialised infrastructure investment firm. [19]
M&G was the official sponsor of the RHS Chelsea Flower Show until 2022. [20]
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]
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