London-based M&G Investments is planning to transfer €39 billion of non-sterling share classes to Luxembourg.

Holders of euro, Swiss francs, US dollars and Singapore dollars held in 21 of the company's UK-domiciled funds will be moved to equivalent SICAV funds in the Luxembourg range, the company announced on Wednesday. 

Once transferred, the assets will follow the same investment strategy as when invested in the UK funds and be run by the same fund managers.

The transfer of assets, subject to regulatory and fund shareholder approval, to the Grand Duchy is part of the company's contingency plans as the UK prepares to depart the European Union.

"The proposals we have announced today aim to protect the interests of our non-UK customers by offering continued access to the current range of M&G's investment strategies, regardless of the final outcome of the negotiations," Anne Richards, chief executive at M&G, said in a statement.

The fund asset manager confirmed the Luxembourg regulator, the Commission de Surveillance du Secteur Financier, and its UK counterpart the Financial Conduct Authority, had both been informed of the proposals.

An active manager, M&G offers investment strategies across equities, fixed income, multi-asset, cash, real estate, private debt, and infrastructure.

M&G was one of the first companies to take office space in Luxembourg due to a Brexit-related move.

At the beginning of the year, the asset manager initially announced the plan to transfer funds to Luxembourg due to Brexit at the beginning of the year.

However, M&G is not the only fund manager intending to move assets to the Grand Duchy.

Last week, Columbia Threadneedle Investments announced plans to transfer almost €8 billion of European customer assets held in the UK to its Luxembourg fund range, as part of its Brexit plan.