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26 June 2017
M&G Investments, one of the leading international asset managers, is proposing to transfer the assets of four UK-domiciled open-ended funds to equivalent funds on its Luxembourg platform by the end of 2017.
The proposals, which require fund shareholder approval, aim to protect the interests of M&G’s non-UK domiciled customers as the UK negotiates its exit from the European Union. The Commission de Surveillance du Secteur Financier (CSSF) and the Financial Conduct Authority (FCA) have both given their approval to the proposals.
With a cumulative market value of £6 billion*, these four funds are distributed exclusively outside the UK. The four funds are:
The M&G Prudent Allocation Fund will be renamed M&G (Lux) Conservative Allocation Fund as a Luxembourg-domiciled SICAV. The four Luxembourg SICAV funds will follow identical strategies to the current UK-domiciled funds and will be run by the same fund managers.
Formal notification of the proposals will be sent to fund shareholders in early September. If shareholders give their approval, M&G expects to transfer the assets to the new Luxembourg funds towards the end of November.
Anne Richards, Chief Executive of M&G, says: “With little clarity yet on the outcome of the negotiations between the UK and the rest of the European Union on its future trading relationship, we believe it is prudent to take action now to protect the interests of our international customers.
“The proposals to transfer the assets of these four funds have a primary aim – to minimise disruption for our investors. Approval of the transfer will ensure they retain access to the same strategies and the same fund managers.”
The proposals to transfer the assets of these four funds have a primary aim – to minimise disruption for our investors. Approval of the transfer will ensure they retain access to the same strategies and the same fund managers.
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Notes to Editors
M&G is an international active asset manager, investing on behalf of individuals and institutions for over 80 years. As of 31 March 2017 the firm manages £275 billion of assets through a wide range of investment strategies across equities, fixed income, real estate and multi asset.
Headquartered in London, M&G employs over 1,900 people worldwide operating from offices across Europe and Asia.
M&G is the investment arm of Prudential Plc in the UK and Europe.Issued by M&G Securities Limited which is authorised and regulated by the Financial Conduct Authority and provides investment products. The company’s registered office is Laurence Pountney Hill, London EC4R 0HH. Registered in England No. 90776.