chief investment officer and head of UK equities to return to managing portfolios
M&G's chief investment officer, Vivian Bazalgette, and head of UK equities, Sam Morse, have given up their responsibilities to return to portfolio management.
Ed Rosengarten, business manager at M&G, has become the chief executive of the equity team and will replace both Bazalgette and Morse. This will free up the pair to revert to their fund management skills, according to Phil Wagstaff, managing director for UK retail at the group.
Five unit trusts are affected by the changes, with their managers either departing M&G or taking on other responsibilities within it. A further 10 analysts and graduate trainees are leaving the group, according to Wagstaff.
The funds involved are Capital, Innovator, UK Growth, American and European Blue Chip.
Tim Daniels, manager of the M&G Capital fund, has left the group and his fund management responsibilities have been handed over to Bazalgette.
The fund posted negative returns of 35.09% offer to bid for the year to 3 September 2001.
The manager of the M&G Innovator fund, Richard Penny, has also left and is to be replaced by Neil Pegrum, who also manages M&G British Opportunities.
Innovator has posted discrete returns of -65.85% offer to bid for the year to 3 September 2001.
Simon Murphy, manager of the UK Growth fund, is to manage in-house portfolios, while Sam Morse will continue to manage UK Growth.
The fund has fallen by 24.41% on an offer to bid discrete returns basis for the year to 3 September 2001.
Greg Kerr, manager of the M&G American Recovery and M&G Global Technology & Innovation funds, is to take over from Suhail Ahrain, manager of M&G American.
Kerr managed the fund prior to Ahrain taking over in 1999. Ahrain has now departed the company.
Phil Doel, manager of European Blue Chip, has left and will be replaced by Rosanna Burcheri, manager of the Prudential European Trust and Scottish Amicable European fund.
The European Blue Chip fund has fallen by 24.87% on an offer to bid basis for the 12 months to 3 September 2001.
Wagstaff said: 'This is by no means a result of bad Isa sales, as has been suggested. We were down 5% but this is not a terrible figure, comparatively speaking.
'The reason we have decided to cut the total head count down to 90 from 105 is to be able to replace those people with managers with higher credibility and more experience.'
According to Wagstaff, resources have also been freed up to create a dedicated research team, which will feed independent research on key stocks in key sectors on a pan-European basis.
He said: 'Every fund manager had sector analysis responsibilities but we have also set up a dedicated team of five people to cover five key sectors on a pan-European basis.
'Matthew Vaight, who helped manage the Strategic fund, which is now being run by Sam Morse, is one of these analysts. The other four were already analysts within the group.'
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