Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  M&G plc    MNG   GB00BKFB1C65

M&G PLC

(MNG)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

No need for tighter EU rules on where asset managers are located, say funds

share with twitter share with LinkedIn share with facebook
09/16/2020 | 03:30am EDT
European Union flags flutter outside the European Commission headquarters in Brussels

Senior fund managers have pushed back against a call from the European Union securities watchdog for tighter rules on where industry officials are located, saying the coronavirus pandemic has shown "boots on the ground" matter less than ever.

The bloc's securities regulator ESMA surprised the sector when it wrote to the European Commission to say stricter conditions may be needed for delegation, or when asset managers outside the bloc pick stocks for funds domiciled in major EU fund centres like Luxembourg and Dublin.

Delegation has become politically sensitive due to Britain, where many asset managers pick stocks for EU funds, leaving the bloc in January.

ESMA suggested "clear quantitative criteria" on the number of senior officials a fund must have where it is domiciled.

"What we have not seen in this letter from ESMA is much of an explanation, much of the evidence that actually would explain why a change from the current arrangements is actually necessary," said Michael Collins, director of government affairs at M&G.

"The case has not yet been made," Collins told an online conference held by Luxembourg funds industry body Alfi.

Sheila Nicoll, head of public policy at Schroders, said regulators were still wedded to the idea that physical and geographical presence mattered when it came to supervising funds.

"It seems to me that actually COVID-19 has shown us that that doesn't matter," Nicoll, a former UK regulator, said, referring to an industry where many have worked from home since pandemic lockdowns began in March.

"I can be subject to Italian rules or French rules or German rules or Luxembourg rules whether I'm sitting in London or I'm sitting in Amsterdam or Milan. The crisis may cause us to think a bit differently about this," Nicholl said.

Martin Parkes, managing director of public policy at BlackRock, said it was important to bear in mind the value of delegation in allowing investors to access the widest range of investment opportunities.

By Huw Jones and Carolyn Cohn


Stocks mentioned in the article
ChangeLast1st jan.
BLACKROCK, INC. -2.37% 622.19 Delayed Quote.26.78%
M&G PLC -1.51% 166.25 Delayed Quote.-28.84%
SCHRODERS PLC -1.79% 2751 Delayed Quote.-16.02%
THE BANK OF N.T. BUTTERFIELD & SON LIMITED -1.80% 27.77 Delayed Quote.-23.61%
share with twitter share with LinkedIn share with facebook
All news about M&G PLC
10/14M&G : backs significant infrastructure investment in Welsh broadband
PU
10/12M&G : provides £353 million loan for London Real Estate assets
PU
10/08Bank of England urges hard line on property funds
RE
10/06Insurers expect few clashes between EU and UK over capital rules
RE
10/01M&G : appoints Fiona Clutterbuck as Senior Independent Director
PU
10/01M&G PLC : Nomination
CO
09/30M&G : creates new wealth management division
PU
09/18Veteran fund manager Tom Dobell to leave M&G at end-2020
RE
09/16No need for tighter EU rules on where asset managers are located, say funds
RE
09/08M&G : continues temporary suspension of property portfolio
PU
More news
Financials
Sales 2020 12 854 M 16 731 M 16 731 M
Net income 2020 939 M 1 222 M 1 222 M
Net Debt 2020 5 453 M 7 098 M 7 098 M
P/E ratio 2020 3,89x
Yield 2020 10,8%
Capitalization 4 300 M 5 597 M 5 597 M
EV / Sales 2020 0,76x
EV / Sales 2021 0,55x
Nbr of Employees 6 000
Free-Float 99,9%
Chart M&G PLC
Duration : Period :
M&G plc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends M&G PLC
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 198,83 GBX
Last Close Price 1,66 GBX
Spread / Highest target 14 396%
Spread / Average Target 11 860%
Spread / Lowest Target 9 344%
EPS Revisions
Managers
NameTitle
John William Foley Chief Executive Officer & Director
Michael Jonathan Evans Chairman
Roddy Thomson Chief Operating Officer
Clare Jane Bousfield Chief Financial Officer & Director
Robin Ann Lawther Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
M&G PLC-28.84%5 696
BLACKROCK, INC.26.78%97 187
UBS GROUP AG-7.89%44 596
T. ROWE PRICE GROUP INC.21.55%33 617
BANK OF NEW YORK MELLON CORPORATION (THE)-25.15%33 381
STATE STREET CORPORATION-17.43%23 041