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The Daley Update

Money Marketing investment reporter James Daley brings you a new regular update of the latest movements and deals inthe fund management world

Deutsche Asset Management has postponed the launch next month of its New Economy fund after fund manager Clare Flynn quit to run a European technology hedge fund. The New Economy fund, which was revealed exclusively in Money Marketing last month, is now expected to be launched in the new year.

Exeter Investment Group is offering a 1 per cent discount on its managed growth and global opportunities funds until October 31. Both funds will see their initial charge reduced from 5 to 4 per cent over the offer period. The managed growth fund is top in the actively managed sector over one, three, five and 10 years while the global opportunities fund is top-quartile over the same periods.

M&G is offering IFAs an extra 1 per cent commission on investments in its managed growth fund via Isas and Pep transfers. The offer starts next week and will run until the end of the year. It will increase the initial commission to 4 per cent. The fund also offers 0.5 per cent trail commission.

Andrew Gibbs has quit as manager of M&G&#39s £260m European smaller companies fund to launch a hedge fund. The AA-rated M&G fund is top in its sector over three years with a return of 221.7 per cent and is one of M&G&#39s top-performing funds. Gibbs will leave at the end of next month although it is not yet clear who will take over managing the fund.

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