M&G to transfer £34bn non-sterling assets to Luxembourg SICAVs

Moving to Luxembourg range

M&G is proposing to transfer £34bn of non-sterling assets sitting in its UK-domiciled OEIC range to equivalent SICAV funds in the group's Luxembourg range ahead of the UK's departure from the European Union.

The changes, which are subject to approval from shareholders and the Financial Conduct Authority will see holders of euro, Swiss Franc, US dollar and Singapore dollar share classes have their assets transferred to SICAV funds. They will follow the same investment strategies and run by the same managers.  M&G chief Richards urges government to break political barriers for Brexit talks There is a total of £34bn in non-sterling share classes, the largest of which is the Optimal Income fund at £19.9bn, Global Floating Rate High Yield fund at £3.1bn and Global Dividend fund at £2.5bn. I...