M&G to close global real estate fund after outflows

M&G Investments is set to close its Global Real Estate Securities fund after the departure of manager Gillian Tiltman prompted outflows from the strategy.

The group will be closing the £81m fund on 22 May, following a review triggered by the departure of Tiltman in August. The manager (pictured) left the group for a role at Neuberger Berman, and since then the fund has shrunk from £130m to its current size. The group said the fund, launched in April 2008, is no longer commercially viable in the long-term and its closure is in the interests of existing shareholders. Gary Cotton, chief executive of equities, said: "The [fund] has failed to attract the level of interest we expected from external investors. "Gillian's departure trigg...