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M&G plc

Formerly	M&G Prudential Limited (2018–2019) M&G Prudential plc (July–September 2019)
Company type	Public
Traded as	LSE: MNG FTSE 100 component
ISIN	GB00BKFB1C65
Industry	Financial services
Founded	1931; 93 years ago (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)
Operating income	£749 million (2023)
Net income	£309 million (2023)
AUM	£343.5 billion (2023)
Number of employees	c.5,000 (2023)
Website	mandgplc.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

Pre-2000

Municipal & General Securities Company Limited launched the First British Fixed Trust in 1931. 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.

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

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

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.

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.

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

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.

2020–2021

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

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.

Sponsorship

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

Notable current and former employees

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

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

Business

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

Sports

• Ian Fairbairn – Rower; Summer Olympics (1924)

References

1. "M&G PLC overview". Companies House. 2 July 2018. Retrieved 23 January 2024.
2. "Home". M&G. Retrieved 23 January 2024.
3. ^ "Annual Results 2023" (PDF). M&G. Retrieved 21 March 2024.
4. "M&G". Oracle. Retrieved 14 February 2023.
5. "Notes & Comments, The Fixed Trust". The Glasgow Herald. 23 April 1931. p. 12. Retrieved 8 March 2017.
6. "M&G to merge Blue Chip away". Investment Week. 1 May 2006.
7. "PEPs bring power to the people". The Independent. 15 October 1995. Retrieved 4 October 2019.
8. "Pru buys M&G for agreed pounds 1.9bn". The Independent. 12 March 1999. Retrieved 4 October 2019.
9. "M&G online service to undercut fund supermarkets". FundsandShares.co.uk. Archived from the original on 16 August 2016. Retrieved 9 July 2016.
10. Sarah Jones (5 July 2016). "U.K. Property Funds Freeze $12 Billion to Halt Brexit Retreat". Bloomberg.com. Retrieved 9 July 2016.
11. Lazarus, Darren (5 July 2016). "Third U.K. Property Fund Halts Withdrawals Amid Brexit Market Turmoil". WSJ.com. Retrieved 9 July 2016.
12. "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.
13. "M&G and Prudential arms to merge". Citywire. 10 August 2017. Retrieved 4 October 2019.
14. "M&G goes 'full circle' as it reveals branding ahead of demerger". Portfolio Adviser. 14 August 2019. Retrieved 4 October 2019.
15. "Prudential Completes Demerger Of M&G, Shares Begin Trading In London". Morning Star. 21 October 2019. Retrieved 22 October 2019.
16. Lowe2020-02-25T18:22:00+00:00, Richard. "M&G keeps UK property fund suspended". Real Assets. Retrieved 3 July 2020.{{cite web}}: CS1 maint: numeric names: authors list (link)
17. "M&G acquires Royal London's £14bn Ascentric platform". Wealth Manager. Retrieved 3 July 2020.
18. "M&G plc to acquire Sandringham Financial Partners". Retrieved 24 August 2021.
19. "Infracapital :: Home". www.infracapital.co.uk. Retrieved 3 July 2020.
20. "The M&G Garden – The Retreat". BBC. Retrieved 4 October 2019.
21. "MNG.UK Company Profile & Executives - M&G PLC - Wall Street Journal". www.wsj.com. Retrieved 22 May 2022.
22. ^ 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.
23. 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.
24. Patrick Hosking (27 April 2022). "M&G chief John Foley retires amid flurry of boardroom changes". The Sunday Times. Retrieved 22 May 2022.
25. ^ Sally Hickey (27 April 2022). "M&G CEO John Foley to retire after 22 years". FT Adviser. Retrieved 22 May 2022.
26. "M&G names Andrea Rossi as next chief executive". Investment Week. 29 September 2022. Retrieved 29 September 2022.
27. 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.
28. "Anne Richards Quits M&G to Head $414 Billion Money Manager". Bloomberg.com. 27 July 2018.
29. Neate, Rupert (3 April 2014). "Prudential's mystery fund manager paid £17.5m revealed". The Guardian. Retrieved 2 April 2014.
30. "Mr. Ian Fairbairn". Obituaries. The Times. No. 57430. London. 10 December 1968. col F, p. 10.

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