M&G to change name and cut fees on £414m Extra Income fund

Managed by Richard Hughes

M&G Investments is to change the name of Richard Hughes' £414m Extra Income fund, as well as cutting management fees, with effect from mid-December.

The fund, which is deputy managed by Sam Ford with Hughes (pictured) as lead manager, will be called the M&G UK Income Distribution fund from 16 December. M&G reveals plans to create Luxembourg hub post-Brexit Its annual management charge will also be reduced from 0.75% to 0.6% from that date, while its ongoing charges figure will be cut from 0.91% to 0.76%. Launched in August 2012, the fund has returned 29.5% over three years, according to FE, outperforming the IA UK Equity & Bond sector average of 24.8%. The news comes a week after it was revealed almost 75% of fund managers e...