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M&G gets backing for Oeic switch

M&G is going ahead with the biggest-ever conversion of unit trusts to Oeics after a 95 per cent vote of support from its unitholders.

It will add a new share class to each of its funds, which will offer investors either a no-load or front-end-charging structure.

Investors opting for the no-load option will pay a higher annual management fee, typically 1.5 per cent a year, while those who opt for a front-end charge will pay around 1 per cent a year.

Thirteen of the funds in M&G&#39s range already offer the no-load share class, with the rest being modified before the end of the year.

The Oeic conversion will also see M&G axe its 2.5 per cent charge for all transfers within its fund range.

Managing director Phil Wagstaff says: “This is the biggest-ever Oeic conversion in the UK, both in terms of funds under management and in number of funds.

“We have 13 no-load funds already and we are now introducing the flexibility to offer different charging structures for IFAs on all our funds.”

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