Nearly one in 20 (4%) of staff at fund and wealth manager M&G are to be offered voluntary redundancy as the firm continues to streamline its business.
The majority of the redundancies will take place between Q4 and Q1 2024, according to M&G’s quarterly results out today.
The asset manager and wealth manager said it is also changing its ‘office footprint’ to cut space and has already sub-leased some of its London offices.
The firm expects further office closures in the second half of this year.
Assets under management for the firm’s wealth business grew 1.7% to £84.8bn.
The wealth division reported net inflows of £0.2bn, and gross inflows of £2.2bn for Q1, with PruFund reporting gross inflows of £1.6bn.
Assets under management for the wider group remained widely stable for the first quarter of the year, with assets under management growing 0.6% to £344bn.
Andrea Rossi, group CEO at M&G, said: “Turning to M&G Wealth, we continue to see good momentum, with PruFund sales growing to £1.6 billion in Q1. In May we launched PruFund Growth, PruFund Cautious and PruFund Risk Managed versions on our digital platform, further expanding the reach of this unique proposition.
“Making the wider PruFund range more accessible to financial intermediaries will support flows in the second half of the year and beyond.”
M&G Wealth is part of M&G plc. It has four main parts, M&G Wealth Advice, M&G Wealth Platform, M&G Wealth Investments and M&G Wealth Distribution.
M&G Wealth launched a hybrid advice business – ‘MAP your future’ – in 2021. At the start of 2022 M&G plc completed the acquisition of wealth manager and Financial Planner Sandringham Partners.
In August 2022 M&G took an initial 49.9% stake in national IFA Continuum Financial Services with the aim of acquiring the business fully by 2024. In January 2023 M&G Wealth announced the launch of ‘&me’, an investment app in partnership with robo adviser Moneyfarm.
