In an article published on Funds Europe on 16 May, it was reported that M&G intend to transfer “billions of pounds” of clients’ money, and specifically that, “the firm wants to merge non-sterling share classes for 21 UK open ended investment companies (Oeics), to equivalent Sicav funds in Luxembourg.”

Columbia Threadneedle made a similar move recently, as reported on Delano here.

The Funds Europe article quoted Anne Richards, chief executive of M&G, as saying that:

“The measure would protect the interests of M&G’s customers outside the UK as Brexit negotiations take place. Our priority is to minimise disruption for our investors by providing as much certainty as we can.”