The results are a 24 per cent increase on the same period in 2012, after the firm had a  somewhat rocky start to 2013. Over the first half of the year, M&G was hit by net outflows of £1.2 billion from its UK business alone.

In the latest third quarterly results, published in parent company Prudential's company statement, it was clear that UK net retail flows continue to be hampered by the firm’s move to stem inflows into Richard Woolnough’s M&G Corporate Bond and M&G Strategic Corporate Bond funds because of their size. However, the firm saw net UK retail inflows of £300 million in the third quarter.

Inflows from the firm’s European businesses were notable, with inflows of £1.1 billion pushing growth in the firm’s overall funds under management, even though the results are down 39 per cent from the £1.9 billion reported in 2012.

In this respect, European clients account for £22.1 billion of the total funds under management, amounting to more than one-third of its retail assets and up from just £12.3 billion in the same period last year.