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M&G beats Invesco Perpetual to largest fund manager crown

 

Prudential-owned M&G has £39.46 billion under management - £30 million more than rival Invesco Perpetual

 

By Charlotte Beugge

 

Invesco Perpetual has ceded its top spot for funds under management to M&G for the first time in four years.

While the Prudential-owned M&G has £39.46 billion of total assets under management, Invesco Perpetual has £39.43 billion, according to figures from the Investment Management Association.

Invesco Perpetual has the two largest retail funds, High Income and Income, which account for more than £20 billion of its funds under management. The two funds are both run by Neil Woodford.

Invesco Perpetual has topped the funds under management table for the past four years.According to specialist newspaper Money Marketing, M&G has taken the top spot partly because its assets have been boosted by its owner Prudential merging 14 funds across to M&G.

But it also has some of the largest funds on offer, including the £8 billion Recovery fund managed by Tom Dobell, the £6 billion Global Basics fund managed by Graham French and two huge corporate bond funds, the £5.8 billion Corporate Bond and the £6.9 billion Optimal Income.

The Recovery fund in particular has produced a good return recently, returning 69% over the last three years.

The third largest company for funds under management is Fidelity at £26.88 billion, followed by Schroder at £25.99 billion, BNY Mellon at £25.82 billion and St James's Place at £25.43 billion.