Britain's M&G posts first-quarter net inflows on Daiichi Life boost
First-Quarter Performance and Market Context
M&G Reports Positive Net Inflows
May 7 (Reuters) - British insurer and money manager M&G reported first-quarter net inflows on Thursday, after outflows a year earlier, as demand from its Japanese partner Daiichi Life and other external clients drove asset management growth.
Impact of Global Events on Fund Managers
The Iran war has weighed on fund managers, as global markets whipsawed and client sentiment was heavily influenced by its developments. Money managers such as Schroders and Ashmore reported heavy client withdrawals stemming from the conflict in April.
Breakdown of M&G's Net Inflows
M&G said net inflows from its open business, including asset management, PruFund, annuities, and other life products open to new business, reached 600 million pounds ($815.64 million), compared to outflows of 100 million pounds last year.
Additional Information
($1 = 0.7356 pounds)
(Reporting by Yamini Kalia in Bengaluru; Editing by Rashmi Aich)
