Brian Gallagher, the manager of the UBS UK equity income fund has left the group to pursue other opportunities.
The £22m portfolio, which was one of the first UK equity income funds to adopt the use of covered call options, is now co-managed by Edward Peter-Hoblyn, who runs the UBS UK opportunities fund and Richard Lloyd, a former manager of the Schroder Income Maximiser fund range.
Lloyd, who joined UBS in November last year from Insight Investment Management where he was head of structured solutions, will be responsible for the fund’s covered call selections, with Peter-Hoblyn in charge of the traditional portfolio.
Peter-Hoblyn joined UBS from Mirabaud Investment Management and took over the UBS UK opportunities fund in November last year.
Gallagher joined UBS from Gartmore in 2007 with the fund launching in March of the same year.
According to Morningstar, over three years to September 30, 2011, the fund was ranked 78th out of 82 funds in the IMA UK Equity Income sector. Over this period it returned 7 per cent, versus the sector average gain of 19.3 per cent.