Felton takes leave from M&G due to illness

Mike Felton, manager of the £484.4m M&G UK Select fund, has stepped down temporarily from his role due to illness.

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Felton has been diagnosed with leukaemia and is starting treatment immediately, a process that is expected to take several months.

M&G said it expected him to be able to return to work at the start of 2009.

Felton is a highly respected fund manager, while the UK Select fund itself is AA-rated by Morningstar.

Garfield Kiff, manager of the £470.3m M&G UK Growth fund and deputy manager of M&G UK Select fund, is to take over the reins for the immediate future.

Kiff has been a member of M&G’s UK equity team since February 2000 and has worked closely with Mr Felton since the latter joined M&G in early 2005.

An M&G spokesperson said that, because the change in management was hoped to be a short-term move, and because Kiff was running the fund on behalf of Felton, any changes to the fund's investment style were likely to be minimal.

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