These outflows have been more than offset however by net inflows in its continental Europe business of £6.2bn, leaving overall retail net inflows at £5.3bn for the period. Of this, £1.5bn was received during the third quarter.
Funds under management in Europe have grown 34% over the past 12 months to hit a record high of £29.6bn.
Total retail funds under management are up 13% over the past year and stand at £73bn, meaning assets from continental Europe now account for 41% of the total.
M&G’s institutional business saw net inflows of £0.6bn to the end of the third quarter, down from £3bn at the same point last year.
The asset management company said it will ‘continue to seek diversification by both asset class and geography, while remaining focused on delivering excellent investment performance and service to its clients.’