M&G to suspend trading on 21 funds temporarily for pre-Brexit Luxembourg transfers

£34bn of non-sterling assets to be merged

M&G is to suspend trading on 21 of its funds for a couple of days each, as £34bn of non-sterling assets are merged into equivalent Luxembourg strategies in four phases over the next six months.

The group announced in May it would be transferring non-sterling assets from its UK-domiciled OEIC range to equivalent SICAV funds  to protect the interests of investors before the UK leaves the European Union. Holders of around £34bn in euro, Swiss Franc, US dollar and Singapore dollar-denominated share classes in the OEICs, which include Richard Woolnough's Optimal Income fund at £19.9bn, Global Floating Rate High Yield fund at £3.1bn and Global Dividend fund at £2.5bn, will have their assets transferred to SICAVs. M&G has now released details of the timetable for this move, which w...