BlackRock UK Income manager Nick McLeod-Clarke is taking long-term sick leave and is immediately handing over managerial control of his funds.
McLeod-Clarke’s co-manager, Adam Avigdori, is set to take control of the £677.6m UK Income fund.
McLeod-Clarke also manages the £45.3m BlackRock Income and Growth investment trust. BlackRock has yet to appoint a replacement.
It has not yet been specified how long McLeod-Clarke will be absent but he will not be running retail assets upon his return.
In a statement, BlackRock says: “We have requested that Nick McLeod-Clarke takes long-term leave from BlackRock in order to properly recuperate from poor health and we wish and expect him to make a full recovery. In order to provide our unitholders with complete clarity regarding management and performance of the fund, Nick will step down from managing the fund with immediate effect and will not return to managing it.
“We are looking to add resources to support the management of this important income strategy on behalf of our investors. Upon Nick’s return, he will resume the management of a number of institutional mandates.”
The BlackRock UK Income fund has struggled in the past three years having returned 14.9 per cent compared to an average return of 31.9 per cent for funds in the Investment Management Association UK Equity Income sector.