Richard O’Connor, who used to manage the fund from 2008 to 2010, has replaced Tiltman on the fund with immediate effect.
O’Connor has managed a number of funds at M&G and is currently co-manager of the £71m M&G European Index Tracker fund, the £33m M&G Fund of Investment Trust Shares fund and the £524m M&G Index Tracker fund.
Tiltman is leaving M&G to join another investment manager but will stay on in an advisory role during her notice period.
M&G chief executive of equities Gary Cotton says: “We would like to thank Gillian for her contribution over the past six years.
“We are sad to see her go but wish her the best in her new role. Gillian leaves the fund in the very safe hands of Richard while we review its prospects. During this period of review there will be no change to the fund’s investment approach.”