M&G Investments has knocked Invesco Perpetual off the top spot as the UK’s biggest fund firm after more than four years.
M&G now has £39.46bn of total assets under management compared with £39.43bn for Invesco, according to the IMA.
Invesco has been the leading firm since October 2007 when it dethroned Fidelity Worldwide Investment. Much of Invesco’s growth can be attributed to Neil Woodford’s higher income and income funds, in which he manages more than £20bn.
M&G has seen recent strong performance. Its bigger funds include the £8bn recovery fund managed by Tom Dobell, the £6bn global basics fund managed by Graham French and the £5.8bn corporate bond and £6.9bn optimal income funds, run by Richard Woolnough (pictured).
M&G also saw its assets jump after parent group Prudential merged 14 funds across to M&G.