Investment manager M&G has picked PwC as its external auditor, replacing KPMG which had held the role since 1999
M&G, which demerged from insurance giant Prudential in October last year, said that following a competitive tender process, it had selected PwC as its auditor for the year ending 31 December 2022.
The appointment will be recommended to the company's shareholders for approval at the 2022 annual general meeting.
In its 2019 annual report, M&G said it had decided to run an audit tender process in 2020, since the company was required to change auditor under the external auditor rotation rules by 2023, and was also mindful of the need to consider the impact of the change on the timetable for implementing the new insurance standard, IFRS 17.
In the report M&G said KPMG had worked on both the demerger and the first consolidated financial statements for M&G plc over the twelve months.
During the year ended 31 December 2019, the total fees paid to KPMG amounted to £19.8m (2018: £6.4m) of which £11.8m (2018: £1.5m) related to non-audit services, largely relating to the demerger. Fees for audit work in 2018 totalled £6.2m.