Legal & General Investment Management senior fund manager Matt Fletcher has left the company with members of the UK equity team stepping in to take over his two funds.
Richard Black has been appointed as the manager of Fletcher’s £190.9m L&G Equity fund, while Guy Rushton has taken over the £26.6m L&G UK Special Situations fund.
FE Analytics shows the L&G Equity fund as underperforming its IMA UK All Companies peer group over one, three and five years to 2 May, sitting in the fourth quartile for each of these years.
The L&G UK Special Situations fund is ranked third quartile over one year and fourth quartile over five. However, it sits in the first quartile over the year to date.
LGIM declined to comment on Fletcher’s departure.