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.