M&G publishes on its website:
“M&G is to close the £27 million M&G European High Yield Bond Fund* that is available to wholesale and retail clients.
The closure is due to steady outflows in recent years, with there being little prospect of this trend reversing. M&G is writing to customers to inform them of their options for then the fund closes. ISA holders who take no action, will see their investment transfer to the M&G Global High Yield Bond Fund.
The £1 billion M&G Global High Yield Bond Fund** is managed by the same team and invests at least 80 per cent of the portfolio in high yield bonds issued by companies, which may be denominated in sterling, European currencies and other major global currencies.
Neil Brown, Head of UK Wholesale, says: “We regularly review our fund range to ensure we are reflecting our customers’ preferences. While popular several years ago, the M&G European High Yield Bond Fund has gained little traction with our customers in recent years. The managers of the M&G Global High Yield Bond Fund have a wider opportunity set and will provide investors with greater diversification.”
The closure of the M&G European High Yield Bond Fund is scheduled for the 29 November and investors need to complete and return their Option Form(s) by 28 November.”
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