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Pru to merge three funds into M&G counterparts

Prudential is to merge three of its unit trusts into M&G equivalents in the latest raft of mergers.

The proposed mergers will see M&G take over two funds that have been run for the insurer by BNY Mellon subsidiary Newton- the £62m Prudential Newton higher income trust and the £164m Prudential Newton managed trust.

Subject to shareholder approval, the higher income trust, run by Newton’s Tineke Frikkee, will merge into Alex Odd’s £1.2bn M&G dividend fund on 22 June.

The managed trust, run by Newton’s Nick Clay, will merge into the £1.2bn M&G managed growth fund run by Graham French on the same day.

Meanwhile retail money from the £417m Prudential Pacific markets trust, managed by Andrew Cormie, will merge into the £503m M&G Asian fund run by Matthew Vaight and Michael Godfrey. There will still be an institutional share class on the fund.

The latest fund mergers come after a raft of similar changes as the firm tries to separate its retail and insurance brands.

In June last year, Pru said that it plans to merge 17 of the funds by June 2012.

Completion of the mergers will leave Prudential’s retail product range with five dynamic portfolios, a defensive, cautious, cautious growth, balanced and adventurous funds, and two multi-asset funds, the managed defensive and cautious managed growth funds.


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