M&G’s multi-asset investment architect Dave Fishwick is to replace Randeep Somel as manager of the £881m M&G Managed Growth fund.
Somel, who has been manager of the fund since 2013, will now focus on running the £2.2bn M&G Global Basics fund.
M&G says the Managed Growth fund will not change its objectives or policy and will maintain its focus on equity investment.
The fund has underperformed the IA Flexible Investment sector over the past three years, losing 0.04 per cent compared with a sector average return of 20.46 per cent, according to FE Analytics.
M&G says Fishwick will phase in M&G’s multi-asset top down investment approach in his strategy for the fund “over time”.
M&G head of retail equities, fixed interest and multi asset Graham Mason says: “With more than two decades of experience investing across the full range of asset classes and his intimate knowledge of M&G’s fund range, Dave is in the ideal position to take on the management of the M&G Managed Growth fund.”