Industry veteran departs M&G Investments and hands over the reigns to deputy fund manager.

Fund veteran Graham French is retiring from day-to-day fund management at M&G Investments after almost 25 years with the firm.

With his departure, French hands over the management of the M&G Global Basics Fund to his deputy of five years, Randeep Somel, with immediate effect.

Somel has served as deputy manager of the M&G Global Basics Fund since 2010, having been part of the firm’s global equity fund manager team since he joined M&G nearly nine years ago.

With the change in management, there will be no change to the fund’s investment philosophy or principles. This remains an unconstrained, conviction-led portfolio of around 60 stocks, the firm said in a statement.

Somel will continue to use the concept of the curve of economic development – an investment model devised by French at the fund’s launch 13 years ago – which helps identify international companies that are well placed to benefit from the changing consumption and investment patterns of people in the emerging world.

About 60 per cent of the M&G Global Basics Fund is currently invested in the middle of the economic development curve; mostly consumer and industrial stocks.

Graham will continue to function as an advisor to Somel for the next six months in order to ensure a smooth transition.

In related news, London-headquartered M&G's retail business reported strong inflows from UK retail investors bringing the firm’s funds under management to £64.5 billion ($103.4 billion), when the firm announced third quarter results last week. Read more on that, here.