UK-based M&G Investments has promoted Phil Cliff to manage its £23 million (about $36.9 million) M&G Pan European Dividend Fund, and deputy manager, Randeep Somel, as co-fund manager of the £1.2 billion M&G Managed Growth Fund.

Cliff joined the firm in January and was previously manager of pan-European funds at Threadneedle. His appointment enables current manager Richard Halle to concentrate on his European value portfolios, the firm said in a statement.

Meanwhile, Somel will continue to work alongside Graham French - who has run the divdend fund for 15 years - and will retain his role as deputy fund manager on the M&G Basics Fund.

Somel started working at M&G as a fund manager’s assistant in 2005. He was subsequently promoted to dedicated analyst on the M&G Global Basics Fund, the M&G Managed Growth Fund and the Vanguard Precious Metals and Mining Fund in January 2009.

In other recent developments, the firm added James Tomlins to its retail fixed income investment team, focusing on European credit, in March.