Prudential to merge trust range into M&G funds

M&G's Richard Woolnough will see his Corporate Bond fund swell to nearly £5bn as part of a series of mergers being carried out by the group.

The mergers are set to take place today, with the most notable change seeing Prudential's £783m Corporate Bond trust merging into Woolnough's £4.1bn M&G Corporate Bond fund. Prudential's £60m North American Trust will also merge into Aled Smith's £2.3bn M&G American fund. Meanwhile, the £278m Managed trust will merge into the £717m M&G Managed fund, headed up by Juan Nevado, with the £90m European Trust becoming part of Charlie Anniss' £175m M&G Pan European fund. A spokesperson for M&G said the time is now right to merge the funds, in order to simplify the group's range. "It ma...