BlackRock co-head of global multi-asset strategies Colin Graham is stepping down and handing over the management of his two funds.
Philip Green will become head of global multi-asset strategies for BlackRock, in place of Graham who will remain as an adviser to the team until the end of April 2013. Green was previously co-head of the multi-asset strategy group with Graham.
Graham, who has spent 16 years with the firm, will hand over control of his £234m Balanced Growth fund and £11m Active Managed fund.These funds will now be co-managed by Philip Brides and Andy Warwick.
A BlackRock spokeswoman says Graham will remain at the firm and continue to explore opportunities both within and outside of BlackRock.
The BlackRock Active Managed portfolio has returned 12.5 per cent in the past three years compared to an average return of 19.1 per cent for Investment Management Association Flexible Investment sector, while the Balanced Growth fund has returned 15.8 per cent over three years compared to an average return of 19.9 per cent for the Flexible Investments 40-85% Shares Sector.
Philippa Gee Wealth management managing director Philippa Gee says: “There seems to be considerable fund manager movement compared to six months ago. The jury is still out with a number of these multi-asset propositions.”