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UK income losing out to global funds

M&G managing director global sales Jonathan Willcocks says he is seeing money come out of the UK equity income sector as a result of growth of multi-asset and global equity income funds.

He says the sector is no longer viewed as the “one-stop shop” for investors moving out of building societies.

He says: “Traditionally, the assets have tended to be split 90 per cent in UK equity income and 10 per cent in the global area but that is starting to change and it is a trend that I do not believe will reverse.”

M&G launched a global dividend fund in July 2008 and Willcocks says it is one of a number of funds growing assets at the expense of UK equity income.

Chelsea Financial Services managing director Darius McDermott says: “The other stories are strong but the UK equity income sector remains a core home for first-time equity investors, given the dividend story and the fact that the majority of companies invested in are mature ones.”

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