M&G appoints Horvat as lead on £1.9bn Global Basics fund

Will extend investment themes

M&G Investments has promoted director of global equities Jamie Horvat to lead manager on the £1.85bn Global Basics fund, where he will work alongside existing manager Randeep Somel (pictured).

There will be no change to the underlying philosophy of the fund after Horvat joins on 18 December, although its investment objective and policy will be reviewed to ensure they remain relevant, the group said. Somel (pictured) took over the fund from Graham French in July 2013 following a period as co-manager, but the strategy has continued to underperform since the handover as its exposure to emerging markets has weighed on returns. In August, Somel relinquished his control of the £881m Managed Growth fund to focus solely on the Global Basics portfolio, after the fund was featured on...