M&G tilts focus to life channel as asset management demand stalls 

A sharp acceleration in bulk purchase annuities stopped M G from sliding into net outflows in the third quarter, as asset management demand slowed. The investment manager generated net inflows of £1.8bn in the third quarter, remaining flat from the prior year, with the majority recorded by its Life channel. The segment, which handles personal insurance and bulk purchase annuities (BPA), delivered £1.1bn of net inflows. Its Prufund option generated over £100m of net inflows, supported by its launch on Scottish Widows’ platform. The group has now lifted its full year guidance for the BPA sales to £2.5bn, which chief executive Andrea Rossi said demonstrated the “success in reigniting” the business and shifting group focus back to the pension risk transfer market. In a volatile external environment, we continued to grow and make good progress against our strategic objectives, said Rossi. The inflows we generated, reflect the resilience of our business model, and the att