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Summit on fund sectors

A group of leading fund managers including Credit Suisse, Fidelity, Invesco Perpetual, M&G, Merrill Lynch, Schroders and Threadneedle have called a meeting with the three major data providers to complain at the way their funds are classified.

Standard & Poor&#39s, Morningstar and Lipper have agreed to attend the meeting next month, at which 11 fund managers will push for a formal review process to stop funds being put into incorrect sectors.

The managers say they have called the meeting as their individual efforts to raise the issue have been unsuccessful.

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