Third-party funds at M&G Investments, the asset manager owned by UK insurer Prudential, rose 11% to a record £50bn (€71.8bn) in the nine months to September, despite the level of new inflows falling and investors pulling money from fixed income funds during the credit crunch.

Net inflows fell 30% to £3.6bn compared to the same period last year. Redemptions from traditional fixed income contributed to a drop at M&G's institutional funds, where net inflows were down 54% during the period, at £1.2bn. The asset manager blamed the setback on "reorganisation of mandates by some larger clients" but said its range of complex credit products had performed well through the summer's market turmoil.