Company:M&G

From HandWiki
Short description: British fund management company
M&G plc
Formerly
  • Voyager Dallas Holding Company Limited (2–3 July 2018)
  • M&G Prudential Limited (2018–2019)
  • M&G Prudential plc (July–September 2019)[1]
TypePublic
LSE: [Script error: No such module "Stock tickers/LSE". MNG]
FTSE 100 component
ISIN[https://handwiki.org/wiki/index.php?title=Toollabs:isin/&language=en&isin=GB00BKFB1C65 GB00BKFB1C65]
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 £6,507 million (2022)[2]
Decrease £(2,497) million (2022)[2]
Decrease £(1,619) million (2022)[2]
AUMDecrease £342.0 billion (2022)[2]
Number of employees
c.5,000 (2023)[3]
Websitemandgplc.com

M&G plc[1][4] 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

Pre-2000

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

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

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

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

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

Notable current and former employees

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

  • Anne Richards – CEO of Fidelity International (2017– )[28]
  • Richard Woolnough – Fund Manager at M&G Investments; highest paid fund manager in 2014[29]

Sports

  • Ian Fairbairn – Rower; Summer Olympics (1924)[30]

References

  1. ↑ 1.0 1.1 "M&G PLC overview" (in en). 2018-07-02. https://find-and-update.company-information.service.gov.uk/company/11444019. 
  2. ↑ 2.0 2.1 2.2 2.3 "Preliminary Results 2022". M&G. https://www.mandg.com/~/media/Files/M/MandG-Plc/documents/press-kit/2023/09-03-2023-mgplc-fy-results-2022.pdf. 
  3. ↑ "M&G". Oracle. https://www.oracle.com/uk/customers/m-and-g/. 
  4. ↑ "Home" (in en). http://www.mandg.com/. 
  5. ↑ "Notes & Comments, The Fixed Trust". The Glasgow Herald. 23 April 1931. p. 12. https://news.google.com/newspapers?nid=2507&dat=19310423&id=cadAAAAAIBAJ&sjid=jqUMAAAAIBAJ&pg=1648,8004709. 
  6. ↑ "M&G to merge Blue Chip away". Investment Week. 1 May 2006. https://www.investmentweek.co.uk/investment-week/news/1370131/-merge-blue-chip-away. 
  7. ↑ "PEPs bring power to the people". The Independent. 15 October 1995. https://www.independent.co.uk/news/business/peps-bring-power-to-the-people-1577726.html. 
  8. ↑ "Pru buys M&G for agreed pounds 1.9bn". The Independent. 12 March 1999. https://www.independent.co.uk/news/business/pru-buys-mg-for-agreed-pounds-19bn-1080014.html. 
  9. ↑ "M&G online service to undercut fund supermarkets". http://www.fundsandshares.co.uk/funds/mg-online-service-undercut-fund-supermarkets/. 
  10. ↑ Sarah Jones (5 July 2016). "U.K. Property Funds Freeze $12 Billion to Halt Brexit Retreat". https://www.bloomberg.com/news/articles/2016-07-05/m-g-investments-suspends-trading-in-property-portfolio-fund. 
  11. ↑ Lazarus, Darren (5 July 2016). "Third U.K. Property Fund Halts Withdrawals Amid Brexit Market Turmoil". https://www.wsj.com/articles/u-k-property-shares-drop-on-uncertainty-following-eu-referendum-vote-1467715870. 
  12. ↑ "A $6 billion UK property fund stopped people withdrawing money after investors all rushed for the exit". Business Insider. 6 July 2016. http://www.businessinsider.com.au/mg-investments-suspends-withdrawals-from-its-46-billion-uk-property-fund-2016-7?r=UK&IR=T. 
  13. ↑ "M&G and Prudential arms to merge". Citywire. 10 August 2017. http://citywire.co.uk/wealth-manager/news/mandg-and-prudential-investment-arms-to-merge/a1041048. 
  14. ↑ "M&G goes 'full circle' as it reveals branding ahead of demerger". Portfolio Adviser. 14 August 2019. https://portfolio-adviser.com/mg-goes-full-circle-as-it-reveals-branding-ahead-of-demerger/. 
  15. ↑ "Prudential Completes Demerger Of M&G, Shares Begin Trading In London". Morning Star. 21 October 2019. https://www.morningstar.co.uk/uk/news/AN_1571646828825940900/prudential-completes-demerger-of-mg-shares-begin-trading-in-london.aspx. 
  16. ↑ Lowe2020-02-25T18:22:00+00:00, Richard. "M&G keeps UK property fund suspended" (in en). https://realassets.ipe.com/news/mandg-keeps-uk-property-fund-suspended/10043956.article. 
  17. ↑ "M&G acquires Royal London's £14bn Ascentric platform" (in en). Wealth Manager. https://citywire.co.uk/wealth-manager/news/mandg-acquires-royal-londons-14bn-ascentric-platform/a1361128. 
  18. ↑ "M&G plc to acquire Sandringham Financial Partners" (in en). https://www.investegate.co.uk/m--38-g-plc--mng-/rns/m-g-plc-to-acquire-sandringham-financial-partners/202108180857430230J. 
  19. ↑ "Infracapital :: Home". https://www.infracapital.co.uk/home/. 
  20. ↑ "The M&G Garden – The Retreat". https://www.bbc.co.uk/programmes/articles/1yCf5YVTLFZc4dTQGGZqmDR/the-m-g-garden-the-retreat. 
  21. ↑ "MNG.UK Company Profile & Executives - M&G PLC - Wall Street Journal". https://www.wsj.com/market-data/quotes/UK/XLON/MNG/company-people/executive-profile/82588484. 
  22. ↑ 22.0 22.1 22.2 Harriet Agnew, Adrienne Klasa (27 April 2022). "M&G chief executive John Foley to retire". https://www.ft.com/content/37a2b66e-9693-4fb1-a224-efa704bf8972. 
  23. ↑ Tom Budszus (27 April 2022). "TOP NEWS: M&G Chief Executive Officer John Foley to resign". Alliance News Limited. https://www.morningstar.co.uk/uk/news/AN_1651051051155079200/top-news-mg-chief-executive-officer-john-foley-to-resign.aspx. 
  24. ↑ Patrick Hosking (27 April 2022). "M&G chief John Foley retires amid flurry of boardroom changes" (in en). The Sunday Times. https://www.thetimes.co.uk/article/m-g-chief-john-foley-retires-amid-flurry-of-board-changes-f6bsll0sw. 
  25. ↑ 25.0 25.1 Sally Hickey (27 April 2022). "M&G CEO John Foley to retire after 22 years". FT Adviser. https://www.ftadviser.com/companies/2022/04/27/m-g-ceo-john-foley-to-retire-after-22-years/. 
  26. ↑ "M&G names Andrea Rossi as next chief executive" (in en). 2022-09-29. https://www.investmentweek.co.uk/news/4057175/names-andrea-rossi-chief-executive. 
  27. ↑ Hotten, Russell. "Andrea Rossi, former Axa boss appointed to head M&G, rules out break-up of firm" (in en). ISSN 0140-0460. https://www.thetimes.co.uk/article/andrea-rossi-former-axa-boss-appointed-to-head-m-amp-g-rules-out-break-up-of-firm-m26fgw3t6. 
  28. ↑ "Anne Richards Quits M&G to Head $414 Billion Money Manager". Bloomberg.com. 27 July 2018. https://www.bloomberg.com/news/articles/2018-07-27/richards-quits-as-m-g-investments-ceo-before-prudential-demerger. 
  29. ↑ Neate, Rupert (3 April 2014). "Prudential's mystery fund manager paid £17.5m revealed". The Guardian. https://www.theguardian.com/business/2014/apr/03/prudential-mystery-fund-manager-paid-17m-revealed. 
  30. ↑ "Mr. Ian Fairbairn". The Times (London) (57430): col F, p. 10. 10 December 1968. 



Retrieved from "https://handwiki.org/wiki/index.php?title=Company:M%26G&oldid=3482773"