M&G, one of the oldest names in fund management, has had a miserable time since its erstwhile parent, Prudential, floated it on the stock market three years ago, just before the pandemic struck. The shares began at 197p but sank below 100p in March 2020. After a fitful recovery they have fallen from 219p to 160p since interim results in August. This weekend one of the last links with the troubled past, the chief executive John Foley, is to step down in favour of Andrea Rossi, who comes from 22 years with the French insurer Axa.
Rossi calls this an “inflection point” for M&G, the moment in geometry where a graph function changes from concave to convex. Or vice versa. Either way, he has a
