M&G

Fund closures and mergers in the UK have soared to a record high in the past six months as groups cull smaller or underperforming funds amid pressure on margins.

PROTECTION

M&G has lost its number one spot at the top of the widely followed Pridham report, after sales at rivals BlackRock and Standard Life surpassed the Prudential-owned asset manager.

Darwin Investment Managers has launched a model portfolio service comprising three funds managed by multi-asset veteran David Jane.

Prudential has reported a 21% fall in sales of with-profit bonds for the first quarter of the year, which it has attributed to the implementation of the Retail Distribution Review (RDR).

FIVE CHALLENGES CARNEY FACES

M&G has cut its position in St James's Place (SJP) after majority shareholder Lloyds sold down its own stake in the wealth manager.

As advisers digest last week's revelation that top UK fund manager Richard Buxton is to exit Schroders after more than a decade at the group, attention is now turning to where to invest next.

HOT MONEY

Prudential has reported operating profits for 2012 of £2.5bn, up 25% on the previous year.