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M&G axes fund managers in reshuffle

M&G is overhauling its equity team in a move which sees some fund managers made redundant, including UK growth and strategic growth manager Sam Morse.

Head of equities David Jane has wielded the axe after a year-long review which will result in M&G analysts assuming greater control of some funds, including the £250m UK growth and £120m strategic growth funds portfolios, which will be managed – based on the analysts&#39 ideas – by institutional manager Peter Knapton.

Morse, who has no other funds to run, has been made redundant.

Other changes include Jane taking over the capital fund, managed by Hak Salih, who runs M&G&#39s income fund. Salih, head of the retail large cap desk, has hauled the capital fund from the fourth to the second quartile over the past 12 months but M&G believes Jane is more capable of breaking into the first quartile. Salih will concentrate on running the income fund, which is ranked 11th of 74 funds over one year.

European blue-chip fund manager Rosanna Burcheri is being moved from her portfolio, replaced by smaller companies manager Giles Worthington, although M&G hopes she will stay with the group.

Marjan Daeipour, manager of the £20m global healthcare fund, is being made redundant and the fund will be taken over by M&G&#39s equity structured product team.

Director of corporate communications Simon Anderson says: “We are delighted with the progress we have made over the last year and these changes will ensure we have the right investment team in place to continue this success.”

Charcol Holden Meehan business development director Graham Hooper says: “Morse is a well known name and has been since he was at Fidelity but I doubt whether many of the changes will make much of a material difference to IFAs.”

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