M&G will carry out the first of a series of fund suspensions this weekend, as the London-based investment manager prepares to move the equivalent of £34 billion in non-sterling assets out of the UK ahead of Brexit.

M&G would split 21 funds, with assets held by non-UK investors moved into equivalent Luxembourg funds over the next six months, leading into the UK’s planned departure from the European Union in March 2019. M&G told investors of its plans in May 2018.