Vaight (pictured) will leave the company toward the end of 2018 to pursue opportunities outside the asset management industry, the firm said.
He spent his entire 22-year plus career at M&G, joining the asset manager as a graduate trainee on the UK equities desk in 1996.
In 2008 he became co-manager of the M&G Asian Fund and launched the M&G Global Emerging Markets Fund one year later.
The GEM fund has reached nearly £2bn in assets under management at 30 April 2018, while the Asia Ex-Japan fund currently sits at £427m.
Performance
Both funds have suffered from middling to poor performance in recent years, finding themselves consistently in the lower quartiles.
The M&G Asian Fund returned 30.6% and 55.7% versus the IA Asia Pacific excluding Japan sector’s returns of 45.7% and 68.3% over three and five years, according to FE.
The M&G GEM fund produced returns closer to peers in the IA Global Emerging Markets sector over three years (36.7% versus 38.9%) but was also fourth quartile over five years (36.1% versus 43.5%).
New faces
Michael Bourke will take over the management of the M&G Global Emerging Markets Fund on Vaight’s departure.
He has worked with Vaight in the emerging markets team since 2015 and is the lead manager on the M&G Emerging Markets Income Opportunities Fund with co-manager Charles de Quinsonas. He has worked as an emerging markets analyst and portfolio manager at Legg Mason and FPP Asset Management.
Alastair Bruce will step up to become the manager of the M&G Asian Fund.
He joined M&G seven years ago and has been a deputy manager on the GEM fund since 2017. M&G said in the statement that Bruce shares a very similar approach to Vaight.
Bourke and Bruce will be supported by the wider emerging markets team, which includes Alice de Charmoy and Loong Lim.
Commenting on Vaight’s exit, Graham Mason, chief investment officer for equities, multi-asset and retail fixed interest said: “Matthew spearheaded M&G’s distinctive approach to investing in emerging markets, noted for its strict valuation discipline and unique approach to portfolio construction. I would like to thank Matthew for his remarkable contribution to the business and the mentoring he has provided our future talent during his career at M&G.”
