Highlights

  • Berenberg has issued a Buy rating on M&G with a target price of GBX 342.
  • M&G reported net inflows of GBP 1.5bn in Asset Management from external clients during Q3 2025.
  • Assets under management and administration reached GBP 365bn as of 30 September 2025.

M&G plc (LSE:MNG) received a Buy rating from Berenberg, with the analyst setting a target price of GBX 342. The rating coincided with the company’s Q3 2025 trading update, which outlined positive net flow trends across Asset Management and Life segments, alongside growth in assets under management and administration.

Analyst Rating in Focus

Berenberg’s Buy rating places M&G under positive analyst coverage, with the stated target price of GBX 342. The rating might follow the company’s latest quarterly trading update and highlights continued market attention on M&G’s operational and financial progress during 2025.

Group AUMA and Net Flow Update

As of 30 September 2025, M&G reported assets under management and administration of GBP 365bn, compared with GBP 355bn at the half-year stage. During the third quarter, net flows from open business amounted to GBP 1.8bn, taking year-to-date net flows to GBP 3.9bn.

The update showed that flows were supported by contributions from both Asset Management and Life operations, reflecting activity across multiple product areas and client channels.

Asset Management Performance

Within Asset Management, AUMA stood at GBP 335bn, including GBP 176bn sourced from external clients. This represented a 3% increase over the quarter and a 6% rise year to date. External client net inflows reached GBP 1.5bn during Q3, bringing the year-to-date total to GBP 4.1bn.

Institutional and Wholesale franchises both recorded net inflows during the quarter, contributing GBP 0.8bn and GBP 0.7bn respectively. On a year-to-date basis, Institutional flows totalled GBP 2.7bn, while Wholesale flows reached GBP 1.4bn. The company reported activity across multiple regions and asset classes, including European public equities and private and structured credit.

Life Business Developments

The Life segment reported AUMA of GBP 188bn, reflecting a 2% increase over the quarter and 1.5% growth year to date. PruFund, now managing GBP 68bn, generated net inflows of GBP 0.2bn during Q3, compared with net outflows recorded in the first half of the year.

Bulk Purchase Annuity new business volumes amounted to GBP 0.3bn in the quarter, an improvement on the first half of 2025. The company confirmed that preparations for the launch of its With-Profits BPA remain on track, with a planned introduction in the first quarter of 2026.