Hargreaves cuts M&G Global Basics from Wealth 150 list

Hargreaves Lansdown has cut the M&G Global Basics fund from its Wealth 150 list of recommended funds following manager Graham French’s retirement.

Mr French announced his departure from M&G on Monday, with deputy manager Randeep Somel taking on management of the £4.3bn Global Basics fund.

Hargreaves analyst Kate Marshall said: “In our view, short-term performance will be determined by the fund’s existing investment approach.

Article continues after advert

“However over a prolonged period, performance will depend on the adaptation of the new manager’s own style. We have arranged to meet him within the next few weeks, following which we will provide investors with a further update on any changes due to be made to the portfolio, as well as any changes to our views.

“As a precautionary measure, we feel it is necessary to remove the fund from the Wealth 150.”

There are now 93 funds on the Wealth 150 list.