M&G is not in the business of taking undue risks. The UK fund manager is amongst the more conservative players in the credit markets, something that has allowed it to maintain a steady performance in the years of plenty, and given it a stellar performance in the year of crisis. Last year M&G's £12 billion fixed-income fund returned 2% over the benchmark.
This is the strongest performance that Simon Pilcher, chief executive of the fixed-income division, can remember in his 10 years at the firm. "W