M&G set to replace Smith on American fund and overhaul portfolio

John Weavers is set to take over from Aled Smith as manager of the underperforming £798m M&G American fund as the group proposes converting the fund into an equity income strategy.

Smith (pictured) will remain at the group and continue to manage the £818m Global Leaders fund should the changes go ahead, M&G said. A change of name and investment objective, which will take place on 28 April subject to shareholder approval, will see the fund re-named the M&G North American Dividend fund. The new investment process would be aligned with the dividend growth strategy already applied to other M&G funds, such as Stuart Rhodes' £9.2bn Global Dividend fund. The distribution frequency of the fund would also change from annual to quarterly, and charges will be taken from...