The fund, which Tiltman has run since 2010, has returned 14.6% over the past three years compared with an average of 21.5% from its Citywire Global Property Equity sector.
Richard O’Connor, who managed the fund between 2008 and 2010, has assumed responsibility for it again with immediate effect. He also heads the M&G Fund of Investment Trust Shares, Light Green fund and several index funds.
The Citywire + rated manager has returned 24.2% through the past three years on the Fund of Investment Trust Shares, versus the peer-group average of 22.3% in its global equities category.
M&G confirmed that it had also initiated a review of the real-estate fund, but advised that there would be no change to the fund’s investment approach during this period.
Tiltman will remain at M&G in an advisory role on the fund while serving out her notice, with the group also stating that she would then leave ‘to pursue an opportunity with another investment manager’.
‘We would like to thank Gillian for her contribution over the past six years,’ said Gary Cotton, chief executive of equities at M&G.
‘We are sad to see her go but wish her the best in her new role. Gillian leaves the fund in the very safe hands of Richard while we review its prospects.’