British asset manager M&G has announced that Richard Hughes, fund manager of the £650m M&G UK Income Distribution fund since 2002, will retire on 31 March 2018.
Hughes has been working for 31 years at M&G, having served as the manager of the M&G Recovery fund
from 1987 to 2000, the M&G UK Smaller Companies fund from 1986 to 1992, and the Charifund from 2001 to 2016.
In addition, M&G said that Aled Smith has decided to relinquish from his role of manager of the £527m M&G Global Leaders fund he was running since 2002 in April 2018.
Smith, who joined M&G 17 years ago, has been a co-founder of the firm’s global equity team with Graham French, managed American and Asian funds and served as head of Equity Research.
Successors to Richard Hughes and Aled Smith will be announced in due course, stated M&G which announced another few changes in its equity investment team.
Randeep Somel has been appointed deputy manager of the the M&G Global Recovery fund, supporting David Williams, the fund’s manager.
Richard Halle will replace Somel as deputy fund manager of the M&G Global Themes fund, supporting fund manager Jamie Horvat.
Commenting on Richard Hughes’ retirement, Anne Richards, chief executive, said: “Richard has been a stellar example of utter commitment to the best interests of his end investors in everything he does.
“A wise, astute fund manager and a fantastic colleague, he will be greatly missed when he retires: by all us at M&G and by the many thousands of customers he has helped prosper over his 31 year career.”
Commenting on Aled Smith’s departure, Graham Mason, CIO equities, multi-asset and retail fixed interest, said: “The insightful vision and inspirational attitude Aled brings to work every day has made a great impact on our business over his 17 years at M&G, and he will be much missed – not least by the many fund managers and analysts who have benefitted from Aled’s encouragement and mentoring at the start of their careers.
“We are hugely grateful for his contribution and wish him every success in the next phase of his own career.”
As at 30 June 2017, M&G managed over €320.6bn in assets.