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Funds News

M&G sees first half profit tumble by 57% as COVID-19 triggers outflows

LONDON, Aug 12 (Reuters) - British insurer and asset manager M&G recorded a 57% fall in first-half operating profit to 309 million pounds ($403 million) on Wednesday, due to market moves and client outflows as a result of the coronavirus pandemic.

Adjusted operating profit was expected to come in at 299 million pounds, according to a company-supplied consensus poll.

Assets under management and administration totalled 339 billion pounds at end-June, against a forecast 329 billion.

M&G saw net outflows in savings and asset management of 4.1 billion pounds in the six months to end-June.

M&G said it would pay an interim dividend of six pence per share, in line with forecasts. ($1 = 0.7668 pounds) (Reporting by Carolyn Cohn, editing by Sinead Cruise)

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