M&G has passed on the management of its £1.3bn property portfolio to Fiona Rowley, with current manager John Cartwright becoming deputy.
Rowley has been deputy manager on the fund since launch in November 2005 but has slowly taken over day-to-day management of the fund.
She has spent 13 years with M&G, initially joining the Prupim team in 1994 as an investment manager in central London. She moved to the retail team at Prupim in April 2004.
The change of roles allows Cartwright to focus on the M&G offshore property fund while continuing in his role as Prupim’s head of retail and institutional funds.
Cartwright says: “Fiona and I have worked closely together on the M&G property portfolio since the very beginning and I believe she is superbly placed to continue the excellent track record we have delivered on the fund over the past two years.
“Fiona will continue to be supported by the property asset management team at Prupim, the biggest in the UK.”