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Just £14m for M&G Fof launch

The M&G Cazenove fund of funds operation, developed to challenge major rivals, has taken less than £15m since its launch in February despite a £1m advertising blitz.

The joint venture&#39s portfolios – growth, UK growth, balanced managed and cautious managed – have raised just £14m. Credit Suisse&#39s Fof raised more than £40m in its first eight months two years ago.

Credit Suisse managing director Ian Chimes says: “Although there is a lot of multi-manager money around, it is going to only three or four players. There does not seem to be enough left for some groups to even cover their costs.”

M&G managing director Phil Wagstaff says: “We are happy with the rate that money is coming in. It started slowly but has continued to build.”

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