Tom Dobell will step down as manager of the M&G Recovery fund at the end of this year, at which point he'll also leave M&G. Michael Stiasny, who currently serves as the fund's co-manager, will take on full management responsibilities, with the support of the broader Equity Research team.
Stiasny will continue to manage his existing funds, including M&G UK Income Distribution and M&G Dividend, alongside the Recovery fund.
The change is part of an ongoing review of M&G's fund range and will also see a refreshed investment approach, including an increased focus on unloved medium-sized UK businesses – an area where the team feel they have added lots of value in the past.
The M&G Recovery fund's performance has suffered in recent years as the manager's investment style, which involves buying shares in companies that have fallen upon hard times, but where there is scope for a recovery, has been out of favour.
We removed the fund from the Wealth 50 (the predecessor to the Wealth Shortlist) in December 2019 after losing conviction in the manager and his ability to outperform the broader UK stock market over the long-term.
Investors should note this fund invests in smaller companies, which adds risk. This article and our Wealth Shortlist are not personal advice. If you're not sure if an investment is suitable for your circumstances, please seek advice.
|Annual percentage growth|
| Aug 15 -
| Aug 16 -
| Aug 17 -
| Aug 18 -
| Aug 19 -
Past performance is not a guide to the future Source: Lipper IM to 31/08/2020.