The Scottish Amicable brand name will disappear entirely when the Prudential undergoes a fund ration...
The Scottish Amicable brand name will disappear entirely when the Prudential undergoes a fund rationalisation programme early next year.
It is in the process of switching the Prudential branded unit trusts over to administration platform IFDS. The Scottish Amicable and M&G branded trusts are already on the system.
Phil Wagstaff, managing director at M&G, said there was no point in rationalising the ranges until all funds have a common back office system.
There will be no changes made to the existing M&G range, which currently has 46 Oeic sub-funds, but mergers will occur between the Prudential and Scottish Amicable ranges, which together amount to some 42 unit trusts. To facilitate fund mergers, the Prudential range will be converted to Oeics after it joins the IFDS platform in June.
There is a lot of overlap between the three ranges but Wagstaff said there would be no alterations to the M&G range. Instead, it will operate as one unit trust group with two separate brands, with the M&G range as the group's core retail, intermediary offering.
Between the three groups there is £12.5bn in funds under management, so whatever the outcome, the two ranges will likely continue to be large, Wagstaff said.
An example of the current overlap, he said, is the three tracker portfolios the three separate brands currently offer, two tracking the FTSE All-Share and one tracking the FTSE 100.
On gardening leave
'Stripping onion layers down'
400 students at academy