(Reuters) -British insurer and asset manager M&G missed market expectations for half-year adjusted operating profit on Wednesday, but reported net inflows of 2.6 billion pounds ($3.51 billion), reversing last year’s outflows.
The British firm has benefited from its turnaround strategy, where it combined its life and wealth units and cut over 200 million pounds in costs.
UK’s asset management industry has seen a considerable hit in recent months as investors pulled out money and recalibrated portfolios on concerns over U.S. President Donald Trump‘s trade policies.
M&G recorded adjusted operating profit before tax of 378 million pounds for the six months ended June 30, compared to a year ago’s 375 million pounds.
That came below analysts’ consensus of 398 million pounds, as per a company-compiled poll.
($1 = 0.7402 pounds)
(Reporting by Rishab Shaju and Yamini Kalia in Bengaluru; Editing by Subhranshu Sahu and Mrigank Dhanwiala)