Richard Black has quit Legal & General Investment Management, leaving the management of the £591m UK equity income fund up in the air.
Black is quitting the manager to pursue an opportunity outside of the UK, but remaining in fund management. Andrew Koch, head of European equity funds and a member of the global income team, has been appointed as interim manager on the UK equity income fund.
“In the time before Richard leaves LGIM we are working to ensure a seamless handover of responsibilities to Andrew Koch as the interim manager of the fund, but in the meantime we offer him and his family our best wishes for the future,” says Lance Phillips, head of active equity at LGIM. No date has been set for Black’s departure.
In September last year LGIM merged the L&G Equity Trust with the UK equity income fund, after the trust underperformed. Both were managed by Black.
The UK equity income fund has underperformed its sector recently. Over one year the fund returned 4.84 per cent compared to the UK equity income average of 7.02 per cent. Over three years the performance of the fund was 39.86 per cent, compared to 48.48 per cent for the sector.
Black joined LGIM in 2008 from Old Mutual, and in 2011 launched the L&G UK equity income fund. He also formed the global income team two years ago.
Koch joined LGIM in August last year, having previously worked at BAE Systems and Henderson Global Investors.