M&G to merge Income and Dividend funds

M&G is to merge Alex Odd's Dividend and Income funds in a move to streamline its proposition in the income space.

The £528m Dividend fund, which last month changed its investment objective, is to combine with the £208m Income fund later this year. The new name for the combined portfolio has not yet been decided. Odd joined M&G from Jupiter in 2005, having previously worked as assistant fund manager to Anthony Nutt. He has managed the M&G Income fund since 2006. Odd took over the Dividend fund in July 2010. Last month he ditched the fund’s old objective to achieve a target yield of 33% more than the FTSE All Share index, instead moving to target a growing yield. The change aligned the fund more...