The deal was buried in M&G-owner Prudential's annual report, published early this week, which revealed Prudential chief Tidjane Thiam took home £8.7 million in 2013.
Woolnough (pictured), who is + rated by Citywire, runs a range of funds for the firm that includes the £16 billion M&G Optimal Income fund.
This fund has significantly outperformed its benchmark over the last three years, returning 7.74% versus 0.89% by the benchmark in what was a tough year for bond funds.
Over three years the fund has returned 30.9% versus at 22.7% rise by the benchmark.
M&G declined to comment.