Star fund manager Mark Lyttleton is to leave BlackRock after 21 years at the asset manager.
Lyttleton will hand over management of his £624m UK Dynamic fund and £427m UK Absolute Alpha fund by 28 March.
On that date, BlackRock UK equity team director and portfolio manager Nick Little will assume management of the UK Dynamic fund, while managing director Nigel Ridge and director and portfolio manager Nick Osborne will co-manage the UK Absolute Alpha fund.
Further to the fund management changes, BlackRock is also planning to merge its UK Dynamic fund with its £513.6m UK fund, subject to FSA and unit-holder approval. Existing BlackRock UK Dynamic clients will be able to switch into any of the BlackRock UK Retail range of funds – preliminary charges will be waived by BlackRock in any such switches.
Blackrock head of UK retail Tony Stenning says: “We continually review the range of funds that we offer to clients and look to ensure that our products are relevant for their needs in these times of low yields. We wish Mark well for the future and thank him for all of this efforts over the last two decades.”