M&G is to merge two global equity funds after fund manager Aled Smith’s departure.
M&G Global Leaders Fund managed by Smith, whose departure was announced in November 2017, will be merged into a much larger fund, the M&G Global Themes Fund, managed by Jamie Hovat.
The merger follows a review and has gained regulatory approval, but it still needs approval from shareholders of Smith’s Global Leaders Fund.
The Global Themes Fund has over £2 billion (€2.3 billion) of assets, while the M&G Global Leaders Fund has £425 million.
The two funds share many characteristics, including the MSCI ACWI Index and the objectives of generating income and capital growth over five years or more.
M&G is writing to assure shareholders of the Global Themes Fund they will not be affected. The merger is expected to take place on May 25, 2018.
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