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Pru sees investors pull out of share funds
Prudential has seen more of its fund management customers switch away from equity-based products because of their fear of a stock market correction.
The firm yesterday said the proportion of retail money going into its M&G share-focused funds tumbled from 69 per cent in the last three months of 2010 to 46 per cent in the latest quarter.
Instead, M&G's Optimal Income Fund, a fixed income fund, was the best seller, pulling in 700 million since the start of the year. Prudential said the shift "marked a change in the risk appetite of investors".
The amount of new money heading into M&G also dropped sharply, to 1.3 billion from 2.3bn, in the preceding three months and 1.45bn this time last year.
Pru's overall first-quarter sales rose by 10 per cent to 888m, better than expected.
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Friday 25 May 2012
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