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M&G seizes second spot in fund league

M&G has leapfrogged Fidelity to become the second-biggest asset manager for UK retail funds under management.

It now has £15.2bn of retail assets, compared with Fidelity’s £14.3bn, according to IMA figures for June.

Much of M&G’s growth can be attributed to the success of its bond funds. Its flagship corporate bond fund, managed by Richard Woolnough has more than doubled since January from £1.6bn to £3.8bn while the strategic corporate bond fund, also managed by Woolnough, has grown from £381m to £1.3bn in the past six months.

Invesco Perpetual is the retail fund leader with £26.9bn.

In June 2007, Fidelity had £21.6bn in retail funds, meaning the firm has lost around a third of its assets in the past two years.

Whitechurch Securities managing director Gavin Haynes says: “M&G is pretty strong across the board. It was once seen almost purely as a fixed-interest house but has grown in recent years in UK and overseas equities, such as its successful recovery fund. Fidelity remains a safe pair of hands but has not stood out as much as it should have.”


FSA widens approved persons’ regime

The FSA is extending its approved persons’ regime to include director and non-executive director functions at parent and holding companies where their decisions are regularly taken into account by the governing body of a regulated firm.


The many faces of Barclays

Barclays is continuing to publicly champion raising standards of advice and increasing consumer confidence whilst rejecting complaints from customers unhappy with the service they were given by its multi-tied advisers.

Image courtesy of Stuart Miles at

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