View more on these topics

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.”


Matrix Money Management – Foresight Technology VCT

Type: Venture capital trust Aim: Growth by investing in unquoted technology-based companies Minimum investment: Lump sum £2,500 Opening/closing date: September 22, 2003/ March 31 for 2003/2004 tax year, April 30, 2004 for 2004/2005 tax year Charges: Initial 5.5%, annual 2% Commission: Initial 2.25%, renewal 0.375% Tel 020 7292 0825

Widows&#39 Ross to be replaced by Lloyds TSB man

Lloyds TSB has announced today that Scottish Widows chief executive Mike Ross is to leave the company after 40 years. Ross is being replaced by Archie Kane, who will also become the group executive director, insurance and investments from October 1. The shake-up comes after widespread rumours throughout the summer that Lloyds TSB was looking […]

UK economy could face crisis says economist

The UK economy, “currently buoyed-up” on consumer credit, could face a crisis if there was rise in interest rates in the next six months according to economist Dr. Rebecca Harding. Speaking at the Liberal Democrat Conference in Brighton last night, Harding, who is an adviser to the parliamentary Treasury Select Committee, said consumers have released […]

New Winterthur sales director

Winterthur Life UK Limited has appointed a new director. Former Winterthur Life head of individual sales David Thompson has been promoted to sales director, with responsibility for Winterthur&#39s distribution in the UK market.Winterthur Life chief exectuive Mike Kellard says: “David has made a tremendous impact on the company&#39s sales strategy over the last four years. […]


White paper — Dubai International Insights

Jelf Employee Benefits discusses the legislative changes in Dubai, available medical facilities and policy considerations for employers with expatriate workforces in the country. This edition will be of particular interest to global human resource directors, compensation and benefits specialists and mobility managers who have employee populations in Dubai, or are considering operating there in the near future.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm