Our heritage

1900

US construction and engineering company JG White establishes a UK operation. Its need for a securities business to finance the building of subways and trams will eventually lead to the formation of M&G.

1. 1919

   Municipal and General securities

   

   George Booth, a businessman and former minister in Lloyd George's war-time government, acquires the UK operation of JG White. Shortly afterwards, he establishes Municipal and General Securities - the forerunner to M&G.

2. 1931

   Europe's first mutual fund

   

   Municipal & General launches Europe's first mutual fund after George Booth was inspired by the concept on a visit to the US. The First British Fixed Trust invests in a fixed portfolio of shares in blue-chip British companies. Ian Fairbairn is recruited to manage the fund and becomes known as 'the father of the unit trust industry'.

3. 1935

   First flexible unit trust launched

   The first flexible unit trust is launched and allows the manager to change the composition of the portfolio rather than keep to a fixed set of stocks.

4. 1939

   Impact of the Second World War

   The outbreak of the Second World War effectively puts a stop to new capital issuance. Capital controls remain in place until 1957 and unit trusts cannot operate properly again until the Investments Act of the following year.

5. 1954

   M&G Thrift Plan

   Launch of the M&G Thrift Plan, the first regular savings plan for a unit trust. Savers can invest in unit trusts from as little as five shillings a week.

6. 1959

   Robert Benson Lonsdale’s minority stake

   Robert Benson Lonsdale (who will later become Kleinwort Benson) are invited to take a minority stake in M&G in order to provide a fresh injection of capital and preserve the fund manager's independence.

7. 1961

   Esmee Fairbairn Charitable Trust established

   The Esmee Fairbairn Charitable Trust is established to finance education in investment. It controls a 50.1% holding in M&G to protect the group from unwanted takeover approaches.

8. 1962

   M&G Trust Assurance founded

   

   M&G Trust Assurance, the forerunner to M&G Life Assurance, is founded.

9. 1964

   M&G Dividend Fund

   The M&G Dividend Fund is launched to pursue an investment strategy focused on dividend growth and yield.

10. 1969

    M&G Recovery Fund

    

    The M&G Recovery Fund, the original special situations fund, is launched. In the same year, the company drops the full Municipal & General name in favour of M&G Securities.

11. 1971

    M&G Japan & General Fund

    The launch of the M&G Japan & General Fund allows the company to become the first UK asset manager to specialise in this field.

12. 1973

    First UK commodity fund launched

    The UK’s first commodity fund is launched. The fund will later merge with two other M&G funds to become the M&G Global Basics Fund.

13. 1979

    Kleinwort Benson stake is increased

    Kleinwort Benson increases its stake in M&G to 37.4%.

14. 1984

    Prudential Property Investment Managers

    The Prudential Estates department becomes Prudential Property Investment Managers (PRUPIM).

15. 1986

    Kleinwort Benson’s shares offered to the general public

    

    The 28 million shares owned by Kleinwort Benson are offered to the general public. The Esmee Fairbairn Trust is left with a stake of 33% and is the only major shareholder. In the same year, M&G becomes the UK's largest unit trust group.

16. 1994

    Corporate Bond Fund launched

    The UK's first retail Corporate Bond Fund is launched.

17. 1997

    A new Chief Executive

    Michael McLintock is appointed Chief Executive after the retirement of David Morgan.

18. 1998

    High Yield Corporate Bond Fund launched

    The UK's first retail High Yield Corporate Bond Fund is launched.

19. 1999

    Prudential plc acquires M&G

    

    Prudential acquires M&G for £1.9 billion, approximately 10% of the value of assets under management.

20. 2001

    M&G builds presence in Europe

    M&G launches its international distribution arm and establishes its first office in mainland Europe to service clients based in Germany, Austria and Luxembourg. Over the next 10 years, M&G expands rapidly across Europe to Italy, Spain, Switzerland, France, The Netherlands and the Nordics.

21. 2004

    M&G Property Fund

    The M&G Property Fund is launched, offering real estate investments to the general public (now M&G Property Portfolio).

22. 2006

    M&G Optimal Income Fund

    The M&G Optimal Income Fund is launched; the first fully flexible bond fund.

23. 2007

    M&G Secured Property Fund

    The M&G Secured Property Income Fund is launched.

24. 2009

    M&G UK Companies Financing Fund

    The M&G UK Companies Financing Fund is launched.

25. 2010

    M&G Inflation Linked Corporate Bond Fund

    The M&G Inflation Linked Corporate Bond Fund is launched; the first of its kind.

26. 2012

    M&G expands to Asia

    M&G opens its first office in Asia, located in Singapore's financial district.

27. 2013

    PRUPIM becomes M&G Real Estate

    Prudential Property Investment Managers (PRUPIM) re-brands to M&G Real Estate.

28. 2014

    M&G Global Floating Rate High Yield Fund

    M&G Global Floating Rate High Yield Fund is launched, opening access to investment in leveraged loans to retail investors.

29. 2016

    A new Chief Executive

    

    Anne Richards becomes Chief Executive of M&G upon the retirement of Michael McLintock.

30. 2017

    M&G Global Listed Infrastructure Fund

    The M&G Global Listed Infrastructure Fund is launched, opening access to investment in a broad range of infrastructure to retail investors.

31. 2017

    M&G Prudential

    Prudential plc announces the combination of M&G and Prudential UK and Europe to form a new savings and investment business.