LONDON (ShareCast) - (Sharecast News) - Investment manager M&G announced on Thursday that it has acquired TCF Investment, with the business set to rebranded as part of its M&G Wealth unit in due course.
M&G said on Thursday that the joint founders of TCF, David Norman, and Gary Mairs, will leave the business later in the year, when Shanti Kelemen, chief investment officer of M&G Wealth, will take responsibility for the business.

The FTSE 250-listed firm added that it intends to reduce current standard TCF fees to 0.15% per annum from current levels of 0.35% pa or 0.25% pa, depending on the choice of portfolio. 

Kelemen said: "TCF Investment has an excellent long-term performance track record and a scalable platform for the management of model portfolios. This complements M&G plc's existing investment capability and accelerates our ability to offer model portfolios. It will allow us to bring new services to market, through all our distribution channels quickly. 

"We will also introduce new model portfolios to supplement MAPS later this year, with a focus on investing globally and incorporating environmental, social and governance factors in the investment process. 

As of 0905 GMT, M&G shares were down 0.79% at 214.70p.

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