MGM Assurance has dropped UBS Global Asset Management and appointed four managers to its £160m MGM Global Equity fund.
MGM says the move follows a decision by chief executive Chris Evans, appointed last month, to focus its future product distribution on the IFA market.
The managers taking over the fund include the team from Generation Asset Management (GAM), which makes MGM the first UK institution to use the manager. The MGM Global Equity fund will invest in GAM’s Generation IM Global Equity fund.
The other funds included are:
- Odey Allegra International run by Crispin Odey
- Bedlam Global Equity run by Jonathan Compton and Ian McCallum
- Paul Erlichmam and the Brandywine Global Equity fund
The MGM Global Equity fund launched in May 2004. Annual management charges will rise from 1.25% to 1.4% for the Life fund and from 1.5% to 1.65% for the Pension fund at the end of the year. MGM has more than £1.6bn of assets under management.
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