MG to transfer non-sterling customer assets to Luxembourg range

 16 May 2018

 London

M&G Investments is proposing to transfer* the non-sterling share classes of 21 of its UK-domiciled OEIC funds to equivalent SICAV funds in its Luxembourg range.

The proposals aim to protect the interests of M&G’s customers outside the UK as the country negotiates its exit from the European Union.

Subject to FCA and fund shareholder approval, holders of Euro, Swiss Franc, US Dollar and Singapore Dollar share classes will have their assets transferred to SICAV funds which follow the same investment strategies and which are run by the same fund managers as their OEIC equivalents.

Formal notification of the proposals, including details on timings, will be sent to shareholders from September this year.

Anne Richards, Chief Executive of M&G, says: “Our priority is to minimise disruption for our investors by providing as much certainty as we can. The proposals we have announced today aim to protect the interests of our non-UK customers by offering continued access to the current range of M&G’s investment strategies, regardless of the final outcome of the negotiations.” 

The Commission de Surveillance du Secteur Financier and the Financial Conduct Authority have been informed of the proposals.

* The transfers will take the form of share class mergers.

If you require any further information, please contact

Eva Martin
Corporate Communications
M&G Press Office
  +44 (0)20 7548 2564
  eva.martin@mandg.co.uk



Notes to Editors

About M&G Investments and M&G Prudential

M&G Investments is the asset management business of M&G Prudential, a subsidiary of Prudential PLC. An active manager, M&G offers investment strategies across equities, fixed income, multi-asset, cash, real estate, private debt and infrastructure.

M&G Prudential, a leader in savings and investments, serves 7 million customers in 18 different countries and had total assets under management of £351 billion as of 31 December 2017.

For journalists only. Not for marketing purposes. Issued by M&G Securities Limited (Registered office: Laurence Pountney Hill, London EC4R 0HH), authorised and regulated by the Financial Conduct Authority.