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Smith & Williamson’s James Burns drops M&G Optimal Income fund

James Burns
James Burns

Smith & Williamson head of multi-manager James Burns has dropped Richard Woolnough’s £12.6bn M&G Optimal Income fund from the £34m MM Endurance Balanced fund.

Burns says he sold the M&G Optimal Income fund to reduce exposure to the credit space and reinvested in two investment trusts, the Harbour Vest Global Private Equity and the Forterra Trust.

He says: “The Harbour Vest Global Private Equity fund is trading at a discount of 30 per cent and the Forterra Trust, which invests in commercial property in China, is trading at a big discount of about 65 per cent.”

Charles Stanley head of investment research Ben Yearsley says there is concern about the size of Woolnough’s fund.

Yearsley says: “It is a massive fund and there are clearly concerns about its size and whether Richard Woolnough can continue managing it in the same format.”

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