Pru to merge Income trust into M&G Dividend

Prudential is set to merge its Income trust into the M&G Dividend fund as part of a wider range of fund consolidations, creating a £1bn portfolio.

The merger will see the £563m Equity Income trust come under the remit of Alex Odd (pictured), manager of the £497m Dividend fund. Prudential's UK Growth trust is also set to merge into M&G's £482m UK Growth fund, run by Garfield Kiff. As part of the consolidation, the £96m Prudential International Growth trust is also set to merge into Greg Aldridge's £855m M&G Global Growth fund, while the £183m Prudential Distribution trust will become part of Steven Andrew's £14m M&G Income Multi Asset fund. The group is also planning to merge the £18m Prudential Japanese trust with the £35m M&...