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M&G latest firm to move fund assets out of UK

M&G Investments is proposing to transfer non-Sterling share classes of 21 of its UK-domiciled Oeic funds to Luxembourg, ahead of Brexit.

The funds will move to equivalent Sicav funds in its Luxembourg range.

M&G says such a move would protect the interests of its customers outside the UK as Brexit negotiations continue.

Subject to regulator and shareholder approval, holders of Euro, Swiss Franc, US Dollar and Singapore Dollar share classes will have their assets transferred to Sicav funds run by the same fund managers as their Oeic equivalents.

Columbia Threadneedle also announced earlier this month its plans to transfer EU customer assets from its UK Oeic range to equivalent funds in its Luxembourg Sicav range.

M&G chief executive Anne Richards says: “The proposals we have announced aim to protect the interests of our non-UK customers by offering continued access to the current range of M&G’s investment strategies, regardless of the final outcome of the negotiations.”

Also this week, Legal and General Investment Management received regulatory approval for its new business unit in Dublin as it plans to shift part of its operations in preparation for Brexit.

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