Investors redeem £100m a day from Woolnough's flagship M&G fund

Performance losses of 15%

Investors have withdrawn around £2.5bn from Richard Woolnough's M&G Optical Income fund since the US stockmarket reached an all-time high on 19 February to 25 March, as the coronavirus pandemic continues to take its toll on markets.

According to estimates from Morningstar, this represents redemptions of roughly £100m a day. Including the UK OEIC and the Luxembourg mirror, the fund, managed by Richard Woolnough, was the UK's largest retail fund as recently as last year, peaking around £24bn in assets under management (AUM), but now stands at roughly £16bn, as reported by the FT. Woolnough shifts flagship M&G bond funds to 'shortest duration ever' A combination of high investor redemptions and performance losses of 15% since the US markets reached an all-time high have only added to the recently-listed investmen...