View more on these topics

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.


Leadsom warns of a blind alley with no way out

Members of the Treasury select committee have warned that not enough is being done to prepare for the unwinding of quantitative easing. The Bank of England has bought £325bn of Government bonds from the secondary market in the past three years. Last week, during a Treasury select sub-committee hearing with the Debt Management Office, which […]


Yorkshire and Clydesdale banks to cut 1,400 jobs

National Australia Bank, owner of the Clydesdale and Yorkshire bank brands, is to cut 1,400 jobs in the UK by 2015 as part of a streamlining of operations. In an announcement to the Australian stock exchange, the bank said it had completed a strategic review of its British assets to adapt to weak economic conditions. […]


IFDS targets full platform solution

International Financial Data Services is looking to offer firms a full platform solution, Money Marketing understands. IFDS provides admin on 60 per cent of UK mutual funds and is understood to be working on a fully integrated platform proposition. It is part-owned by US investment software firm DST Systems, which bought Australian software firm BlueDoor […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment