M&G has replaced the manager of the £2.1bn Global Themes fund.
The company appointed Alex Araujo as manager, with Stewart Rhodes, who runs the M&G Global Dividend fund, to act as deputy manager on the M&G Global Themes fund.
Mr Araujo currently manages the M&G Global Listed Infrastructure fund.
The appointments follow the departure of incumbent manager Jamie Horvat, who had managed the fund since 2015.
The fund, which was previously known as M&G Global Basics, became the Global Themes fund in 2017 and later merged with the M&G Global Leaders fund in 2018.
The fund has seen its third manager change in less than six years, with the investment mandate for the fund also having changed in that time.
In performance terms, the Global Themes fund has lost 8 per cent over the past year, compared with a loss of 4 per cent for the average fund in the IA Global Sector.
The fund is top quartile over three years, but bottom quartile over five years.
Anton Oliver, head of equities at M&G, said: "As the new manager of the M&G Global Themes fund, I am confident that Alex will bring the same energy, passion and insight to his work as he has to the M&G Global Listed Infrastructure Fund, helping deliver long term total returns for customers invested in the fund.
"While we have decided to take the management of this portfolio in a different direction, I would like to thank Jamie for his hard work and contribution on behalf of our customers over the last five years at M&G, and wish him all the best for the future."
david.thorpe@ft.com
