M&G

Mark Barnett and Richard Woolnough funds proving both popular and unpopular with advisers and investors

£550m in combined AUM

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Investors have taken £2.7bn of their money out of M&G's flagship Optimal Income fund in three months after weaker performance due to manager Richard Woolnough's cautious stance.

Richard Woolnough, manager of the £24bn M&G Optimal Income fund, says he is at a loss to understand why the US is holding off on raising interest rates.

M&G has reported a fifth consecutive year of record profits despite net outflows for its UK business increasing to £1.7bn in 2014.

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Insurer Prudential's UK life business has posted a 10% rise in operating profits as sales switched from annuities to income drawdown, its interim results have shown.

M&G has reported net retail outflows of £516m across its UK business in the first half of 2014, even as its European retail business continues to attract major interest.