Much has changed at M&G,  however one thing that Prudential could still do without is escorting money to the door.

Another £8.1bn of outflows from M&G funds were reported in Tuesday’s results, continuing a trend that began in the second quarter of 2015. In fact, in that year, data from Morningstar show that M&G suffered the largest net outflows of any European fund manager, more than Aberdeen Asset Management, which last week decided it needed to merge with insurer Standard Life after 15 consecutive quarters of investors withdrawing their cash.

M&G, however, has already played the Aberdeen card. Twice. In 1999, it became part of a much larger life insurance group, when Prudential bought it for £1.9bn. And in 2016, it hired Anne Richards from Aberdeen as its new chief executive, to shake up its business and stem the outflows. It needed to. M&G has now dropped out of Morningstar’s triennial top 10 ranking of European fund managers by assets, and finds itself in the bottom 20 by net fund sales over two years. Now it needs to find shared back-office efficiencies across all these businesses.

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