Alex Odd has left M&G, with his £1.4bn M&G Dividend fund passing to Phil Cliff.
Mr Odd has run the fund since July 2010, during which time it returned 41.9 per cent, ranking in the third quartile of the IMA UK Equity Income sector.
Mr Cliff joined M&G in April 2012 to run the Pan European Dividend fund. He previously ran European equity funds at Occam Asset Management, but left the company when it was bought by Liontrust last year.
M&G Dividend fund deputy manager John Weavers will continue in this role, M&G said.
Elsewhere M&G has appointed Randeep Somel as the lead manager of the £1.3bn M&G Managed Growth fund, with previous lead manager Graham French becoming deputy.
Mr French has run the fund since 1996. Mr Somel became deputy manager of the Managed Growth fund in 2010, a role he also holds on Mr French’s Global Basics fund.