M&G to merge Felton's UK Select into UK Growth

M&G is planning to merge two of its UK equity funds to create a portfolio with more than £600m in assets under management.

The group intends to merge the £81m UK Select fund into the £550m UK Growth fund, both managed by Mike Felton. The single portfolio will keep the UK Growth name. The plans are subject to the approval of at least 75% of shareholders. If approved, the merger will take place on 15 March. M&G said Felton has been applying the same investment approach to the two funds and, as a result, they have become increasingly similar. Merging the funds will formally align them into a single portfolio, avoiding duplication, the firm added. Over the three years to 4 January, the UK Growth fund retu...