Richard Hughes will retire from M&G early next year, the company has announced.
The manager of the £650m M&G UK Income Distribution fund will retire on 31 March 2018 after 31 years with the company and managing his current fund since 2002.
Mr Hughes served as the manager of the M&G Recovery fund from 1987 to 2000, the M&G UK Smaller Companies fund from 1986 to 1992, and the M&G Charifund from 2001 to 2016.
Anne Richards, chief executive of M&G, said: “Richard has been a stellar example of utter commitment to the best interests of his end investors in everything he does.
"A wise, astute fund manager and a fantastic colleague, he will be greatly missed when he retires: by all us at M&G and by the many thousands of customers he has helped prosper over this 31 year career."
M&G has also announced that Aled Smith, manager of the £527m M&G Global Leaders fund, will step down in April 2018.
In his 17 years at M&G Mr Smith co-founded the global equity team, managed American and Asian funds and served as head of equity research, as well as running the M&G Global Leaders fund since 2002.
Graham Mason, chief investment officer for equities, multi-asset and retail fixed interest at M&G, said: “The insightful vision and inspirational attitude Aled brings to work every day has made a great impact on our business over his 17 years at M&G, and he will be much missed – not least by the many fund managers and analysts who have benefitted from his encouragement and mentoring at the start of their careers.
"We are hugely grateful for his contribution and wish him every success in the next phase of his own career.”
Randeep Somel will become deputy manager of the M&G Global Recovery fund supporting David Williams, the fund’s manager. Richard Halle will replace Mr Somel as deputy fund manager of the M&G Global Themes Fund, supporting fund manager Jamie Horvat.
Successors to Mr Hughes and Mr Smith will be announced in due course.