Hughes retired from M&G in March this year following three decades with the asset manager. He had been manager of the £652m M&G UK income Fund since launch in 2002. He had also managed the M&G Recovery Fund (between 1987 and 2000), the M&G UK Smaller Companies Fund (from 1988 to 1992) and the M&G Charifunds between 2001 and 2016.
Nick Train, who manages the closed-ended fund, has previously touted Hughes as a fund manager he admired and expressed disappointment at his retirement from the industry.
The appointment was part of a double hire with former investment manager Nicholas Allan also joining.
Allan was joint founder of Boyer Allan Investment Management and joint fund manager of the Boyer Allan Pacific Fund Inc. He was also an investment manager at Kleinwort Benson.
Former JP Morgan Cazenove managing director Julian Cazalet is chairman of the investment trust. Lindsell Trust co-founder Michael Lindsell (pictured) is also a director in the trust, which is a major holder of the boutique asset manager that runs the mandate.
Vivien Gould and Rory Landman are the remaining members of the board. Michael Mackenzie did not seek re-election at the investment trust’s annual general meeting held in August.