May 7 (Reuters) - British insurer and money manager M&G reported first-quarter net inflows on Thursday, after outflows a year earlier, as demand from its Japanese partner Daiichi Life and other external clients drove asset management growth.
The Iran war has weighed on fund managers, as global markets whipsawed and client sentiment was heavily influenced by its developments. Money managers such as Schroders and Ashmore reported heavy client withdrawals stemming from the conflict in April.
M&G said net inflows from its open business, including asset management, PruFund, annuities, and other life products open to new business, reached 600 million pounds ($815.64 million), compared to outflows of 100 million pounds last year.
($1 = 0.7356 pounds)
(Reporting by Yamini Kalia in Bengaluru; Editing by Rashmi Aich)
Daiichi Life Group Inc, formerly Dai-ichi Life Holdings Inc, is a Japan-based insurance holding company that mainly operates in the insurance business and owns domestic and overseas life insurance companies as subsidiaries, and manages the subsidiaries. The Company operates through three business segments. The Domestic Insurance segment is engaged in the provision of individual insurances, individual annuity insurances, group insurances, group annuity insurances and other life insurances, the non-life insurances, as well as the life insurance related business, such as the acquisition of securities, real estate and monetary claims. The Overseas Insurance segment is engaged in the insurance business overseas. The Other segment is mainly engaged in the management of group companies and non-insurance businesses such as asset management business and new businesses.
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