Hughes hands over £501m M&G Dividend fund to Odd

Income stalwart Richard Hughes will be replaced by Alex Odd as the manager of M&G's £501m Dividend fund from next month.

Hughes, who has run the fund since 2002, will continue to manage £1.3bn of UK equity assets at M&G as well as supporting Odd as deputy manager of the Dividend fund. Odd, who also runs the £181m Income fund, will bring an unconstrained approach to portfolio construction, investing across the yield spectrum. He joined M&G in 2005 as a UK equity investment manager. M&G says the management change will require only small portfolio adjustments. Hughes, who has been with M&G for 24 years, says: "I recruited Alex five years ago with a view to nurturing the next generation of UK equity inco...