M&G brings index tracker fund management in-house

M&G Investments has brought the management of its £381m index tracker fund in-house.

The fund was previously being run by State Street Global Advisors but it is now being controlled by M&G’s head of index funds Nigel Booth and index fund manager Richard O’Connor.

Director of corporate communications Richard Miles describes the move as a “bit of operational tidying up”.

The fund aims to replicate the FTSE all-share index an has an annual management charge of 0.3 per cent.

Despite the fact it simply tracks a stock index, rather than employing active fund management, it ranks second-quartile over the past five years in the IMA UK all companies sector with a 21.7 per cent return.