Somel was named as successor to Graham French on the blockbuster Global Basics fund in late 2013 when French retired from fund management.
The latest move will see Somel step down from the UK-domiciled Managed Growth fund, which was also previously managed by French. Somel had taken over on this fund in July 2013.
Under the changes, Dave Fishwick, head of multi-asset investment, will assume responsibility for the fund from September 1st. M&G said the change will not impact the investment objective or investment policy.
However, it said, as part of the change, Fishwick will work to bring the fund in line with his unit’s top-down asset allocation approach, as well as benefitting from the equity team’s stock selection expertise.
The M&G Global Basics fund returned 6.4% over the three years to the end of July 2015. This compares to a rise of 32.51% by its Citywire-assigned benchmark, the Cust Benchm M&G Global Basic Composite, over the same period.
Meanwhile, the M&G Managed Growth fund has returned 12.87% in sterling terms over the same timeframe against a 29.7% rise by the LCI UK Balanced & Intl Equity (50:20:30) over the same analysis period.