Richard Woolnough's M&G Optimal Income fund has passed the £20bn mark for the first time after a surge in inflows since the start of the year.
M&G has reshuffled managers on its Global Growth and European equity portfolios in order to allow manager Greg Aldridge to focus on institutional mandates.
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The F&C brand may be scrapped following the fund group's takeover by Canada's Bank of Montreal, according to reports.