M&G profits plunge by 40% to £40m

M&G, the fund management arm of UK insurer Prudential, achieved pre-tax profits of just £40m (€66m) for the first half of 2001, 40% down on last year's interim figure.

Analysts say this represents a dreadful return for Prudential. At this rate, it would take more than two decades to recover the £1.9bn it spent buying the firm in 1999.

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