Co-founders of TCF, David Norman and Gary Mairs, will leave the business later in the year, as Kelemen assumes responsibility.
M&G has acquired investment manager TCF Investment for an undisclosed amount, as it targets the firm’s model portfolio service.
TCF, which is to become part of M&G Wealth, was bought by the firm for its capabilities in the model portfolio space, namely its flagship service - MAPS. M&G Wealth will assume management responsibility of MAPS upon completion of the deal and launch a new range of portfolios over the course of the year. The firm intends to reduce the management fees across TCF portfolios from 0.35% or 0.25% pa, to 0.15% pa. It will continue to be available across wealth platforms and be offered to other firms. Shanti Kelemen, chief investment officer at M&G Wealth, said: "TCF Investment has an exce...
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