M&G has reported that its net inflows reached a record £2.6bn across its asset management business in the group’s first half results.

The investment manager also reported an adjusted operating profit of £378m for the six months to 30 June, up on £375m in the corresponding period last year, due to “underlying positive momentum”, it said. This was despite an £8m foreign exchange loss the group’s asset management division.

M&G’s H1 figures follow its announcement in May to launch a strategic partnership with Dai-ichi Life, becoming the Japanese group’s preferred asset manager for Europe. M&G is expecting this collaboration to generate “at least $6bn of new business flows” over the next five years.

In its life division, M&G revealed its adjusted operating profit had improved across both its PruFund and Traditional With-Profits Fund, to £112m and £120m, up from £98m and £108m last year, respectively.

M&G’s CEO, Andrea Rossi, said the group was “pleased” with its progress over the first six months of the year.

“This is a strong result underpinned by £2.6bn net inflows from external clients in asset management,” Rossi added.

“This cements our position as a leading international active asset manager, with an established footprint in Europe and growing access to attractive Asian markets.”

The FTSE 100 listed company added that it was well positioned to navigate the current uncertain economic and geopolitical environment, due to its “international footprint”, as well as a “diversified business model” and its “compelling products and services”.

Rossi added: “The balanced and diversified nature of our business model, as well as the momentum across our asset management and life businesses, gives me confidence for the future.

“We continue to build on our strong foundations to deliver long-term growth for our customers, clients and shareholders, which is high-quality and diversified across products, segments, and markets.”

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