A large £7bn-plus mandate has helped fixed-income specialist M&G Investments smash its previous record for institutional inflows in a single year.

The investment arm of the UK insurer Prudential this morning reported a steep increase in net inflows last year to £16.9bn, up from £4.4bn at the end of 2011. Institutional money accounted for £9.04bn of this figure with the remainder coming from retail clients.