Outflows continued for M&G in the full year that ended in March, but assets under management climbed about 8% in that same time frame. Richards took over M&G’s top post in June 2016, mere weeks before the U.K. would vote to leave the European Union. Richards has steered the fund company—the asset management arm of U.K. insurer Prudential—through Brexit’s wake, deciding in late 2016 to expand its operations in Luxembourg in an effort to retain clients on the European continent after Britain’s split from the bloc in March 2019. Nevertheless, Prudential announced in August that it was merging M&G with its European insurance business to save costs amid other consolidation in the funds sector. Richards will remain CEO of M&G and will become deputy chief executive of the merged entity M&G Prudential.