M&G
{{Short description|British fund management company}}
{{Use dmy dates|date=October 2016}}
{{Infobox company
| name = M&G plc
| logo = File:M&G_plc_Logo.png
| former_name = {{Ubl
| M&G Prudential Limited (2018{{endash}}2019)
| M&G Prudential plc (July{{endash}}September 2019){{Cite web |date=2018-07-02 |title=M&G PLC overview |url=https://find-and-update.company-information.service.gov.uk/company/11444019 |access-date=2024-01-23 |website=Companies House |language=en}}{{Cite web |title=Home |url=http://www.mandg.com/ |access-date=2024-01-23 |website=M&G |language=en}}
}}
| type = Public
| traded_as = {{London Stock Exchange|MNG}}
FTSE 100 component
| founded = {{start date and age|1931}} (demerged 2019)
| key_people = Andrea Rossi (CEO)
| ISIN = {{ISIN|sl=n|pl=y|GB00BKFB1C65}}
| industry = Financial services
| brands = M&G Investments
M&G Real Estate
M&G Recovery Fund
| location = London, England, UK
| revenue = {{increase}} £4,095 million (2024){{cite web|url=https://www.mandg.com/~/media/Files/M/MandG-Plc/documents/Financial%20results/2025/mgplc-annual-report-and-accounts-2024.pdf|title=Annual Results 2024|publisher=M&G|access-date=19 March 2025}}
| operating_income = {{decrease}} £145 million (2024)
| net_income = {{decrease}} £(347) million (2024)
| aum = {{increase}} £345.9 billion (2024)
| homepage = {{url|https://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.{{cite web|title=Notes & Comments, The Fixed Trust|url=https://news.google.com/newspapers?nid=2507&dat=19310423&id=cadAAAAAIBAJ&sjid=jqUMAAAAIBAJ&pg=1648,8004709|publisher=The Glasgow Herald|access-date=8 March 2017|page=12|date=23 April 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.{{cite web|url=https://www.investmentweek.co.uk/investment-week/news/1370131/-merge-blue-chip-away|title=M&G to merge Blue Chip away|publisher=Investment Week|date=1 May 2006}}
M&G Investments introduced its savings or "thrift" plans in 1954.{{cite web|url=https://www.independent.co.uk/news/business/peps-bring-power-to-the-people-1577726.html|title=PEPs bring power to the people|date=15 October 1995|work=The Independent|access-date=4 October 2019}}
In March 1999 M&G Investments, which by then was the UK's largest unit trust group, was acquired by Prudential plc.{{cite web|url=https://www.independent.co.uk/news/business/pru-buys-mg-for-agreed-pounds-19bn-1080014.html|title=Pru buys M&G for agreed pounds 1.9bn|work=The Independent|date=12 March 1999|access-date=4 October 2019}}
= 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.{{cite web |url=http://www.fundsandshares.co.uk/funds/mg-online-service-undercut-fund-supermarkets/ |title=M&G online service to undercut fund supermarkets |website=FundsandShares.co.uk |access-date=9 July 2016 |url-status=dead |archive-url=https://web.archive.org/web/20160816171525/http://www.fundsandshares.co.uk/funds/mg-online-service-undercut-fund-supermarkets/ |archive-date=16 August 2016 |df=dmy-all }}
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.{{cite web|author=Sarah Jones |url=https://www.bloomberg.com/news/articles/2016-07-05/m-g-investments-suspends-trading-in-property-portfolio-fund |title=U.K. Property Funds Freeze $12 Billion to Halt Brexit Retreat |website=Bloomberg.com |date=5 July 2016 |access-date=9 July 2016}}{{cite web|last=Lazarus |first=Darren |url=https://www.wsj.com/articles/u-k-property-shares-drop-on-uncertainty-following-eu-referendum-vote-1467715870 |title=Third U.K. Property Fund Halts Withdrawals Amid Brexit Market Turmoil |website=WSJ.com |date=5 July 2016 |access-date=9 July 2016}}{{cite web|url=https://www.businessinsider.com/mg-investments-suspends-withdrawals-from-its-46-billion-uk-property-fund-2016-7?r=UK&IR=T |title=A $6 billion UK property fund stopped people withdrawing money after investors all rushed for the exit |date=6 July 2016 |publisher=Business Insider |access-date=9 July 2016}}
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.{{cite web|url=http://citywire.co.uk/wealth-manager/news/mandg-and-prudential-investment-arms-to-merge/a1041048|title=M&G and Prudential arms to merge|publisher=Citywire|date=10 August 2017|access-date=4 October 2019}} Then in August 2019 it announced that it would de-merge the investment business as "M&G plc".{{cite web|url=https://portfolio-adviser.com/mg-goes-full-circle-as-it-reveals-branding-ahead-of-demerger/|title=M&G goes 'full circle' as it reveals branding ahead of demerger|date=14 August 2019|publisher=Portfolio Adviser|access-date=4 October 2019}} The de-merger was completed in October 2019.{{cite web|url=https://www.morningstar.co.uk/uk/news/AN_1571646828825940900/prudential-completes-demerger-of-mg-shares-begin-trading-in-london.aspx|title=Prudential Completes Demerger Of M&G, Shares Begin Trading In London|date=21 October 2019|publisher=Morning Star|access-date=22 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.{{Cite web|last=Lowe2020-02-25T18:22:00+00:00|first=Richard|title=M&G keeps UK property fund suspended|url=https://realassets.ipe.com/news/mandg-keeps-uk-property-fund-suspended/10043956.article|access-date=2020-07-03|website=Real Assets|language=en}}
= 2020–2021 =
In 2020, it announced its intention to acquire Ascentric, a digital wealth management platform, from its competitor Royal London.{{Cite news|title=M&G acquires Royal London's £14bn Ascentric platform|language=en|work=Wealth Manager|url=https://citywire.co.uk/wealth-manager/news/mandg-acquires-royal-londons-14bn-ascentric-platform/a1361128|access-date=2020-07-03}} 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.{{Cite news|title=M&G plc to acquire Sandringham Financial Partners|language=en|url=https://www.investegate.co.uk/m--38-g-plc--mng-/rns/m-g-plc-to-acquire-sandringham-financial-partners/202108180857430230J|access-date=2021-08-24}}
Current operations
The company operates two fully owned subsidiaries: M&G Real Estate, providing global real estate investment services, and Infracapital, a specialised infrastructure investment firm.{{Cite web|title=Infracapital :: Home|url=https://www.infracapital.co.uk/home/|access-date=2020-07-03|website=www.infracapital.co.uk}}
Sponsorship
M&G was the official sponsor of the RHS Chelsea Flower Show until 2022.{{cite web|url=https://www.bbc.co.uk/programmes/articles/1yCf5YVTLFZc4dTQGGZqmDR/the-m-g-garden-the-retreat|title=The M&G Garden – The Retreat|website=BBC|access-date=4 October 2019}}
Notable current and former employees
The group chief executive John Foley{{cite web |title=MNG.UK Company Profile & Executives - M&G PLC - Wall Street Journal |url=https://www.wsj.com/market-data/quotes/UK/XLON/MNG/company-people/executive-profile/82588484 |website=www.wsj.com |access-date=22 May 2022}} joined former M&G parent Prudential in 2000{{cite web |last1=Harriet Agnew, Adrienne Klasa |title=M&G chief executive John Foley to retire |url=https://www.ft.com/content/37a2b66e-9693-4fb1-a224-efa704bf8972 |archive-url=https://ghostarchive.org/archive/zz3hn |archive-date=11 December 2022 |url-access=subscription |url-status=live |website=Financial Times |access-date=22 May 2022 |date=27 April 2022}} as deputy group treasurer,{{cite web |last1=Tom Budszus |title=TOP NEWS: M&G Chief Executive Officer John Foley to resign |url=https://www.morningstar.co.uk/uk/news/AN_1651051051155079200/top-news-mg-chief-executive-officer-john-foley-to-resign.aspx |website=Morningstar UK |publisher=Alliance News Limited |access-date=22 May 2022 |date=27 April 2022}} subsequently leading the combination of M&G Investments with Prudential’s UK insurance business. In 2015, Foley became chief executive.{{cite web |last1=Patrick Hosking |title=M&G chief John Foley retires amid flurry of boardroom changes |url=https://www.thetimes.com/business-money/markets/article/m-g-chief-john-foley-retires-amid-flurry-of-board-changes-f6bsll0sw |publisher=The Sunday Times |access-date=22 May 2022 |language=en |date=27 April 2022}} 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.{{cite web |last1=Sally Hickey |title=M&G CEO John Foley to retire after 22 years |url=https://www.ftadviser.com/companies/2022/04/27/m-g-ceo-john-foley-to-retire-after-22-years/ |publisher=FT Adviser |access-date=22 May 2022 |date=27 April 2022}} 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.{{Cite web |date=2022-09-29 |title=M&G names Andrea Rossi as next chief executive |url=https://www.investmentweek.co.uk/news/4057175/names-andrea-rossi-chief-executive |access-date=2022-09-29 |website=Investment Week |language=en}} Upon appointment, Rossi said that he would not pursue a break-up of the business.{{Cite news |last=Hotten |first=Russell |title=Andrea Rossi, former Axa boss appointed to head M&G, rules out break-up of firm |language=en |url=https://www.thetimes.com/business-money/markets/article/andrea-rossi-former-axa-boss-appointed-to-head-m-g-rules-out-break-up-of-firm-m26fgw3t6 |access-date=2022-09-29 |issn=0140-0460}}
= Business =
- Anne Richards – CEO of Fidelity International (2017– ){{Cite news | url=https://www.bloomberg.com/news/articles/2018-07-27/richards-quits-as-m-g-investments-ceo-before-prudential-demerger | title=Anne Richards Quits M&G to Head $414 Billion Money Manager | newspaper=Bloomberg.com | date=27 July 2018 }}
- Richard Woolnough – Fund Manager at M&G Investments; highest paid fund manager in 2014{{cite news|url=https://www.theguardian.com/business/2014/apr/03/prudential-mystery-fund-manager-paid-17m-revealed |title=Prudential's mystery fund manager paid £17.5m revealed|first=Rupert|last= Neate|newspaper=The Guardian|date=3 April 2014|access-date= 2 April 2014}}
= Sports =
References
{{Reflist}}
{{Major asset management companies}}
{{FTSE 100 Index constituents}}
{{Authority control}}
{{DEFAULTSORT:MandG Investments}}
Category:Financial services companies established in 1931
Category:Investment management companies of the United Kingdom
Category:1931 establishments in England
Category:Investment management companies