Macro manager Eric Lonergan, who has worked for M&G Investments since 2006, is leaving at the end of the year.
Lonergan oversees assets on the Episode global macro strategy with Dave Fishwick, which has rebounded in performance this year, up 14.4% in the first ten months.
“The opportunities in macro investing have rarely been better. After more than 15 years, it is time for a change,” said Lonergan in a statement.
“As a portfolio manager, it is nice to end on a high note with the strong performance of the hedge fund and long-only strategies.”
He thanked his colleagues and said he would share more details about future plans soon.
Lonergan, who combines his portfolio management with a career as a policy economist and financial author, was the guest on episode four of the AFI podcast.
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Five takeaways from Eric Lonergan interview
Dave Fishwick on the macro trends driving M&G Episode’s gains
“Eric has been instrumental in developing and communicating our unique investment philosophy that’s stood the test of time and successfully navigated ever more volatile markets,” said Fishwick.
M&G said Lonergan’s responsibilities on the $4bn Episode strategy will now be shared between two co-deputies to Fishwick, Stuart Canning and Gautam Samarth.