Man GLG UK Income Fund readmitted to IA sector

UK-Currency-Money-Coin-Pounds-GBP-700x450Man GLG UK Income Fund has bucked the trend for funds being booted from the IA UK Equity Income sector, announcing in a statement this morning that it was being readmitted to the sector.

Managed by Henry Dixon since November 2013, the fund has returned 18.9 per cent net of fees, outperforming the FTSE All Share, which returned 5.7 per cent and the IA UK Equity Income sector, which returned 10.8 per cent over the same period.

Last week the IA announced it was surveying asset managers over the next four weeks about how to best monitor funds’ levels of income.

In May the £1.2bn Rathbone Income fund will became the latest to be removed from the sector.

Invesco Perpetual’s income range, as well as the Schroder Income and Jupiter Responsible Income funds, already sit in the UK All Companies, rather than the UK Equity Income sector, for having produced insufficient income under the current rules.