M&G Targets More Cost Savings as Markets Offset Client Outflows [Yahoo! Finance]
Prudential Public Limited Company (PUK)
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investor.prudential.com
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Source: Yahoo! Finance
Most Read from Bloomberg The firm said it was now targeting operating capital generation of £2.7 billion ($3.5 billion) by the end of 2024, an increase of £200 million from its March guidance, M&G said in a statement Wednesday. It is also now earmarking cost savings of £220 million by the end of next year, up 10%. Chief Executive Officer Andrea Rossi and Chief Financial Officer Kathryn McLeland said on a call with Bloomberg News that the extra cost savings will be group wide, including through automating processes, reducing reliance on external third parties and some headcount reduction. Clients withdrew £1.5 billion ($2 billion) in the six months through June, M&G said. Analysts had estimated higher group-level outflows of £2.8 billion. The outflows came from across the business, including UK institutional asset management and the firm's wealth division. “Positive markets” helped assets under management and administration rise slightly to £346.1 billion, up from £343.5 billi
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PUK
Sec Filings
- 9/27/24 - Form 6-K
- 9/26/24 - Form 6-K
- 9/25/24 - Form 6-K
- PUK's page on the SEC website