Randeep Somel has been promoted to co-manager of the £1.2 billion M&G Managed Growth fund.
Somel had previously worked as deputy manager of the fund but will now co-manage the portfolio with Graham French, who has run the fund for 15 years.
M&G claimed that the appointment was due to the success of Somel’s working relationship with French since he was named deputy manager in 2010.
Somel joined M&G in 2005 as a fund managers’ assistant and was promoted in January 2009 to a dedicated analyst on the Global Basics fund, the Managed Growth fund and Vanguard Precious Metals & Mining fund.
The Managed Growth fund invests mainly in other M&G funds, including 34.6 per cent in the M&G Global Basics fund, and has been a top quartile performer in the IMA Flexible Investment sector over three, five and ten years.
However, it has dropped to the fourth quartile over one year, losing 6.61 per cent compared to a sector average loss of 1.2 per cent over the same period, according to statistics from FE Trustnet.
M&G also confirmed that Phil Cliff is to take over management of the Pan European Dividend fund from today, freeing up previous manager Richard Halle to concentrate on the European Strategic Value fund.
M&G had lured Cliff away from Occam Asset Management, where he was head of European equities, back in January.