M&G fund closure and mergers planned

M&G is closing its UK Growth Portfolio and merging three funds into other portfolios in its range on...

M&G is closing its UK Growth Portfolio and merging three funds into other portfolios in its range on 13 March. All four funds of funds are run by George Tsionis. The six-year old UK Growth Portfolio - which aims to provide long-term capital growth through investment in UK collective investment schemes - has seen inflows dwindle and is now just under £4.58m. An M&G spokesperson says: "Due to expected low levels of inflows we cannot continue to manage the fund economically. Alternatives to closing the fund have been considered, including a merger with another fund. "However, there is no...