Merlin team swaps cash for bonds

Managers reduce cash from 18% with Woolnough's M&G Corp Bond major beneficiary

Jupiter's Merlin multi-manager team, headed by John Chatfeild-Roberts, bought into the M&G Corporate Bond fund earlier this month, Investment Week understands. The move, believed to be in excess of £100m, was a part of the Merlin team's recent decision to deploy the majority of its built-up cash weightings back into the market. A similar strong increase in emerging markets exposure has seen the cash positions across the Merlin funds fall to between 3% and 5%, down from as much as 18% at the end of April. Managed by Richard Woolnough, the £3.22bn M&G Corporate Bond is one of the top se...