Eric Lonergan, a macro hedge fund manager at M&G where he has been running over $5 million in assets, is to quit the firm on 1 December after 16 years with the firm, according to a report by Funds Europe.

The report cites a LinkedIn post by Lonergan as revealing that he would quit M&G by the end of the year, but the firm later announced he would be giving up his role at the start of next month.

Lonnergan, who joined M&G back in 2006, posted on LinkedIn that it was "time for a change". 

Prior to M&G, he served as managing director and head of economics for JPMorgan Cazenove for a decade.

His future plans remain unclear with his LinkedIn posts simply saying: “As for the future? Watch this space …”

With Lonnergan's departure now imminent, M&G has implemented changes to management responsibilities within its multi-asset investment team, with Tony Finding taking over as lead manager of the £770 million M&G Episode Growth Fund. He will be joined by Craig Simpson, who has continued to serve as co-manager of the fund.

Simpson has also replaced Dave Fishwick as lead manager of the £830 million M&G Managed Growth Fund, with Fishwick set to continue leading M&G’s $4 billion Episode Macro Strategy, which includes the $350 million M&G (Lux) Episode Macro Fund.