M&G has confirmed two departures from its equity investment team with replacements to be announced in due course.
Richard Hughes will retire in March next year after a 31-year career with M&G, while Global Leaders fund manager Aled Smith will leave the firm in April.
Hughes has managed the £650m UK Income Distribution fund since 2002 and previously managed the Recover fund from 1987 to 2000, as well as the UK Smaller Companies fund and Charifunds, which he stayed with for 15 years until 2016.
Smith is also an M&G veteran with a 17-year career at the asset manager. He co-founded the global equities team with Graham French.
M&G chief executive Anne Richards describes Hughes as a “stellar example of utter commitment” to the best interests of his end investors. “A wise, astute fund manager and a fantastic colleague, he will be greatly missed when he retires.”
Chief investment officer for equities, multi asset and retail fixed interest Graham Mason says Smith has mentored many fund managers and analysts at the start of their careers.
In a separate announcement, M&G confirmed Randeep Somel will become deputy manager of the Global Recovery fund with immediate effect, supporting David Williams. Richard Halle will replace Somel as deputy fund manager of the M&G Global Themes Fund, supporting fund manager Jamie Horvat.