M&G said the change is part of an ongoing review of its mutual fund range, which will also see a refreshed investment approach for the troubled fund under new manager Michael Stiasny.
Commenting on the changes, M&G’s chief investment officer Jack Daniels said: ‘I’d like to thank Tom for his dedication to the M&G Recovery fund and its investors.
‘While the environment for his style of investing over the past decade has been very challenging, his effort and commitment on behalf of customers have never faltered. He steps down after 28 years at M&G with our best wishes for this next chapter of his life.
Dobell added: ‘I’d like to thank M&G for the opportunities it has given me throughout my career. It’s been an immense privilege to manage the M&G Recovery fund, even throughout challenging investment cycles.
‘I leave the fund’s investors in the capable hands of Michael Stiasny and I wish them the very best for the future.’