This latest move sees Jamie Horvat, who joined from Sprott Asset Management in November 2013, assigned to the blockbuster UK-domiciled fund alongside Somel (pictured).
In his new post, Horvat will work with Somel to widen the themes within the fund and seek to identify companies exploiting new and emerging trends which arise from structural shifts in the global economy.
M&G said this will include themes such as ageing populations for the healthcare industry or water and waste management, clean energy and cyber-security can be as relevant for developed markets as for emerging markets.
Commenting on the change, Graham Mason, head of investment - equities, multi-asset and retail fixed interest at M&G Investments said: ‘Jamie’s broad investment experience will be a perfect complement to Randeep’s skill set and in-depth knowledge of the M&G Global Basics fund, putting the team in an excellent position to identify structural investment themes, which offer the best prospects of good returns.’
There will be no change to the underlying philosophy of the M&G Global Basics Fund, although the investment objective and policy will be reviewed to ensure they remain relevant.
This marks the second change in management responsibilities for Somel since taking on the M&G Global Basics fund. He stepped down from the M&G Managed Growth fund in August, with David Fishwick taking over the fund, to allow him to focus more closely on Global Basics.
The M&G Global Basics fund lost 1.08% in sterling terms over the three years to the end of November 2015. This compares to a rise of 30.3% by its Citywire-assigned benchmark, the Cust Benchm M&G Global Basic Composite, over the same period.