Bonds boost profits at Insight and M&G.

Financial News, February, 2003

Byline: Ben Wright

M&G and Insight Investments, the UK fund management arms of Prudential and HBOS, both increased profits in 2002 thanks to strong fixed income franchises.Operating profit excluding investment income at M&G, the UK and European fund management business of Prudential, rose pound sterling2m ([euro]2.9m) to pound sterling52m for the year, against the backdrop of tumultuous global equity markets. The figures were helped by fixed income wins totalling pound sterling1.2bn. M&G also claims that a further pound sterling400m of institutional money was won in 2002 but has not yet been received. The retail business also saw net inflows despite prolonged market uncertainty.

Prudential's overall profits were up 2% to pound sterling1.13bn for 2002....

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