M&G's Fishwick takes over Managed Growth as Somel steps back

Manager to focus on Global Basics fund

M&G's Randeep Somel is relinquishing control of the £881m Managed Growth fund to focus solely on his Global Basics portfolio.

Managed Growth will be taken over by Dave Fishwick, the architect of M&G's approach to multi-asset investment, from 1 September. Somel (pictured), who has managed the fund since 2013, is taking a step back to concentrate on his £2.2bn Global Basics vehicle, the group said. M&G's Global Basics fund was among the underperformers in Tilney Bestinvest's latest 'Dog List', and has also contributed to outflows at M&G this year. Over three years to 26 August the fund is down 4.8%, according to FE Trustnet, against an average return of 26.7% for the IA Global sector. Meanwhile, Managed Gro...