18 June 2018 - M&G has announced that Matthew Vaight, manager of the M&G Global Emerging Markets fund, which has been on the Chelsea Selection since September 2012, will leave the company towards the end of 2018 to pursue interests outside of the asset management industry.
As a result the fund will be removed from the Chelsea Selection, and downgraded to a generic 'hold' rating.
Matthew began his 22-year career with M&G as a graduate trainee. He was appointed co-manager of the M&G Asian fund in 2008 and launched the M&G Global Emerging Markets fund in 2009.
Michael Bourke, who has 18 years of investment experience, including ten years as an emerging markets analyst and portfolio manager at Legg Mason and FPP Asset Management, will take over management of the M&G Global Emerging Markets fund on Matthew’s departure. Michael already lead-manages the M&G Emerging Markets Income Opportunities fund, alongside co-manager Charles de Quinsonas. He has worked alongside Matthew in the M&G emerging markets team since 2015 and will be maintaining the same investment philosophy and process.
Alastair Bruce will become the manager of the M&G Asian fund, also before the end of the year. Having joined M&G seven years ago as a member of the emerging markets team, Alastair shares a very similar investment approach to that of Matthew.
Matthew's decision to leave fund management comes shortly after another Chelsea Selection manager, F&C UK Mid Cap's Tom Wilson, decided to leave the company and join another fund house.
The F&C UK Mid Cap fund had only been added to the Chelsea Selection in September last year, and it was with real regret that this fund too was removed from the list and downgraded – also to a a 'hold'. As we said at the time, Tom had just marked his third anniversary as lead manager on the fund and had done extremely well, outperforming the sector average and most of his peers by a considerable margin.