M&G PLC (LSE:MNG) has reported progress on delivering its targets in the first quarter (Q1) although its financial performance was broadly flat.
In the Q1 results statement, Andrea Rossi, the FTSE 100-listed firm's group chief executive officer, said: “At Full-Year Results we identified three priorities for the Group: maintain financial strength through capital discipline, simplify the business, and deliver profitable growth focusing on Asset Management and Wealth.
“I am pleased to say we have made good progress on each of those fronts and are on track to deliver on our ambitious targets.”
First quarter assets under management at the London-based fund manager were flat at £344bn in the three months to March 31, 2023, compared to £342bn at the end of 2022 while its solvency 11 ratio edged higher to 200% from 199%.
Net client inflows of £0.4 billion absorbed expected redemptions from UK institutional clients that were triggered in September 2022 by the 'mini-budget crisis', which were highlighted in the full-year results.
After returning to net client inflows in 2022, momentum in Wholesale Asset Management accelerated further, with net client inflows of £1.0bn in the quarter and continued strong investment performance.
Wealth and Other Retail & Savings delivered net inflows of £0.3bn, driven by strong investment performance.
M&G said 200 staff had accepted voluntary redundancy as it looks to achieve its cost savings targets.