M&G Investments has appointed Phil Cliff to manage its £21.8 million M&G Pan European Dividend fund.

Cliff joins from Occam Asset Management, where he was head of European equities, after spending six years at Threadneedle.

The appointment frees up previous manager Richard Halle to concentrate on the £102.1 million M&G European Strategic Value Fund.

Dave Fishwick, head of macro and equity investment at M&G, commented: ‘We are delighted that Phil is joining us. He brings a wealth of additional experience in European equities and an excellent performance record.

‘His appointment also enables Richard, who has done an excellent job on the M&G Pan European Dividend Fund to dedicate himself fully to his highly successful value approach to European equities.’

The M&G Pan European fund, which was launched in July 2008, has returned 5.66 per cent since inception, outperforming its benchmark, IMA Europe excl UK, which returned 5.1 per cent.

Cliff left Occam, the boutique firm which he helped set up in 2007, after it was acquired by Liontrust last year.

The Occam funds he managed, Occam Europe Focus and the hedge fund Sorbus, are now being run by Gary West and James Inglis-Jones.