M&G chief investment officer Vivian Bazalgette is to retire by the end of the year and the group is ...
M&G chief investment officer Vivian Bazalgette is to retire by the end of the year and the group is actively recruiting a replacement.
Bazalgette, 50, has been with M&G for six years and is waiting until the group can find a successor before leaving the company. M&G is looking both externally and internally for a replacement.
Last September, M&G announced that Bazalgette was to take over running its £141.6m Capital portfolio, following its underperformance. At the same time his title was changed to that of head of equities and Simon Pilcher was made head of fixed interest. The role M&G is now recruiting for is head of equity investments.
At the moment Bazalgette is recovering from a recent knee operation. Hak Salih is running M&G Capital until Bazalgette returns in a few weeks. Salih has managed M&G Income for three years.
Phil Wagstaff, managing director retail at M&G, said: 'Vivian took over the Capital fund eight months ago and it is only now that he is expressing a desire to retire at the end of the year. Clearly his circumstances have changed but we have strength and depth in the investment team and Hak will be taking over that fund as well as continuing to run the Income portfolio.'
Once he is back at the office, Bazalgette will begin the process of gradually handing over the management of the fund to Salih, who has been deputy manager on the fund.
Wagstaff also revealed that Richard Plackett, manager of the £815m M&G Dividend and M&G Extra Income funds, has left the group. Plackett, who has been with M&G for five years has left the City to write an historical novel set during the War of the Roses.
Taking over from Placket is the deputy manager on both those funds, Richard Hughes. Hughes has been with the group since 1986 and he also runs the group's High Income investment trust. M&G has hired a banking analyst to add to its equity team and team of pan-European analysts. James Alexander joins the group from Commerzbank Securities where he was head of European banks research. Alexander brings this group to five and M&G has plans to further expand this team.
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