M&G Investments' Alex Odd (pictured) has left the firm, handing his underperforming £1.4bn M&G Dividend fund to Phil Cliff amid a re-shuffle of the group's equity desk.
Cliff, an ex-threadneedle manager who joined M&G eighteen months ago from Occam, will continue to head up the group's Pan European Dividend fund as well as running the Dividend fund.
M&G has also announced Randeep Somel will take over as lead manager of the £1.2bn M&G Managed Growth fund from Graham French.
French, who is lead manager of the £4.9bn M&G Global Basics fund, will become deputy manager of the fund.
Somel was appointed co-manager of the M&G Managed Growth Fund in April 2012.
He is also deputy manager of the M&G Global Basics fund.
Odd's fund has suffered recently, lagging peers in the IMA UK Equity Income sector, returning 33.2% over three years versus the sector average return of 39.6%.
He was appointed fund manager of the M&G Dividend Fund in 2010, having also run the M&G Income Fund from 2006 until it merged with the M&G Dividend Fund in 2011.
Before joining M&G Odd was assistant fund manager to income specialist Anthony Nutt in the late 1990's at Jupiter Asset Management.
All-day event on 24 April
Consequences could be more severe than in stress tests
AFH has six segregated mandate funds
Variable operating expenses