Heroes Update. David Jane leaves M&G
15 Jul 2010
David Jane, Head of Equities and manager of the M&G Cautious Multi-Asset Fund, which is on our list of Hero funds, is to leave M&G to explore other opportunities, including the possibility of a new role elsewhere in the Prudential Group.
His departure, which takes immediate effect, follows a change to the senior equities management team that sees Dave Fishwick, Head of the M&G Macro Investment Business, appointed to the newly created role of Head of Retail Investment Management.
George Tsinonis, a core member of the multi-asset team who has been with M&G since 2000, will take on the management of the M&G Cautious Multi-Asset Fund and the M&G Managed Fund with immediate effect. He will continue to run the M&G Global Dynamic Allocation Fund.
At the same time, Ed Rosengarten, Chief Executive of Equities, has been considering his future. M&G and Ed have agreed that now is an opportune moment for him to move on. Ed will remain at the group until September to ensure a smooth handover of his responsibilities.
Michael McLintock, Chief Executive of M&G, says: "M&G's business has prospered hugely in the past few years, attracting record net fund inflows of £13.5 billion in 2009, of which £7.5 billion went into retail funds. However, we cannot be complacent and it is vital that we have the right investment leadership in place for the next phase of growth.
"Dave Fishwick brings a wealth of investment and commercial experience to this newly created role. It will be his responsibility to maintain an environment that is conducive to excellent investment performance. He will build on the work of David Jane and Ed Rosengarten to ensure that M&G's fund managers continue to have the independence of thought and support necessary to deliver the investment performance our clients expect of us.
"I would like to thank Ed and David for their long years of service and their absolutely invaluable contribution to the business, without which M&G would not be the success it is today. David, together with Ed, was the architect of the investment management reforms at the start of the decade that enabled M&G to flourish. We owe them a particular debt of gratitude."
At this point we will continue to keep this fund on our Heroes list, mainly due to the experience of George Tsinonis, but will continue to monitor the fund's performance closely.
