Smith meanwhile, has been at M&G for 17 years, running the £526m Global Leaders Fund since 2002 and being responsible for co-founding the group’s global equities team with Graham French, the former manager of M&G Global Basics Fund.
In a statement M&G said successors to Hughes and Smith will be announced in due course.
Anne Richards, chief executive at M&G, said: “Richard has been a stellar example of utter commitment to the best interests of his end investors in everything he does. A wise, astute fund manager and a fantastic colleague, he will be greatly missed when he retires.”
Graham Mason, chief investment officer for equities, multi-asset and retail fixed interest, said Smith will also be much missed “not least by the many fund managers and analysts who have benefitted from [his] encouragement and mentoring at the start of their careers”.
Meanwhile, separate to the two departures M&G also announced that to support the growth of its £327m Global Recovery Fund, Randeep Somel will become deputy manager to David Williams with immediate effect.
As a result Richard Halle will replace Somel as deputy fund manager of the M&G Global Themes Fund, supporting fund manager Jamie Horvat.