Hak Salih has left M&G following the lacklustre performance of the £278m Income fund and is being replaced by Alex Odd, while former DWS manager Nick Evans has joined the group to assist on two of its investment trusts.
Odd, manager of the firm's Fund of Investment Trust Shares and deputy manager to Richard Hughes on M&G Extra Income, joined the group in February last year.
Prior to this, he spent eight years at Jupiter, where he was assistant to Anthony Nutt on his income funds.
Evans joined the group on 2 May to take on the M&G Income and Recovery investment trusts. He replaced Jonathan Parker, equity portfolio manager for the vehicles, who has also left the company.
Hughes will also hand over responsibility to Evans for the overall investment strategy, asset allocation and relationships for the offerings.
Hughes remains a non-executive director of the trusts and will focus on managing the firm's Dividend and Charifund portfolios. Richard Woolnough and David Fancourt stay in charge of the fixed interest elements of the two vehicles.
Evans, who left Deutsche Asset Management in October 2005, when Aberdeen acquired the firm, was formerly manager of the DWS Blue Chip fund as well as the CAF charity portfolios.
M&G's Income fund returned 21.2% for the three years to 17 April 2006 on a bid-to-bid basis, against a UK Equity Income average of 24.6%, according to Standard & Poor's.
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