View more on these topics

BlackRock UK Income manager McLeod-Clarke to take long-term sick leave

BlackRock Nick McLeod-Clarke
Fund manager Nick McLeod-Clarke

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.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com