Advisers say the departure of BlackRock UK equity team managing director and portfolio manager Mark Lyttleton is unsurprising given his recent poor performance.
Lyttleton, who manages the £624m UK Dynamic fund and £427m UK Absolute Alpha fund, announced this week he is leaving after 21 years with the firm.
BlackRock UK equity team director Nick Little will take over the UK Dynamic fund on 28 March, which will be merged with his £513.6m BlackRock UK fund.
BlackRock UK Equity Hedge fund manager Nigel Ridge will co-run the UK Absolute Alpha fund with Nick Osborne. The fund has consistently underperformed its peers in recent times despite a strong start and its size has significantly dropped from £1.8bn at the end of April 2011.
AWD Chase de Vere head of communications Patrick Connolly says: “The loss of Lyttleton is not as big as it would have been a few years ago. His performance has been going off the boil for the past few years.”
Charles Stanley Direct head of research Ben Yearsley says: “Performance has been tough for him for three or four years and his assets have also shrunk. This is not a shock.”