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Richard Brody's eight year reign on M&G American Value fund ends
by Dylan Lobo on Aug 20, 2013 at 13:55
M&G Investments has named Daniel White as lead manager on its £120 million North American Value fund.
White (pictured), who assumes the mantle on 1 September, replaces Richard Brody who has managed the fund since July 2005, will concentrate on his wider responsibilites and other portfolios at PPM America.
White has worked with Richard Halle as manager of the £515 million M&G European Strategic Value fund since its launch in 2008.
In his new capacity, White will serve as deputy on the European fund with Halle assisting him on the North American Value fund, which will continue to operate the same investment objective.
M&G Investments' chief executive officer Gary Cotton said: 'Daniel’s promotion is in keeping with M&G’s commitment to nurture talent. Having joined M&G in 2005 as a sector analyst and after five successful years on the M&G European Strategic Value Fund, we believe that now is the right time to appoint Daniel as lead manager.'
According to Lipper Brody has struggled to keep up with the recent bull market in US equities.
While his fund has returned a respectable 48.8% in the three years to the end of July, this is some way off the 63.22% gain in the S&P 500. Brody has not been rated by Citywire since he lost an A-rating in May 2012.
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