Dobell: M&A will drive returns on £8bn Recovery fund in 2013

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Tom Dobell, manager of the £7.7bn M&G Recovery fund, expects an uptick in M&A activity to rejuvenate performance in 2013 after a "tough" three years for the fund.

Dobell (pictured) anticipates an increase in mergers and acquisitions next year, which he expects will be a major catalyst for re-ratings of a number of stocks within his portfolio. "M&A activity has been in very short supply over the past couple of years, we have only had two holdings in the fund impacted by corporate activity over the past couple of years," he said. "I expect more M&A to come through next year as business confidence gradually improves. I have a number of holdings which are pushing on the M&A button, which gives me a route to exit the position and refresh the fund ag...

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