US-based investment and risk management firm BlackRock has announced that fund manager Mark Lyttleton will leave the firm after his 21-years tenure.
According to BlackRock, Lyttleton will hand over management of his GBP624.4 million (US$949.08 million) BlackRock UK Dynamic fund and GBP427 million BlackRock UK Absolute Alpha fund by 28 March 2013.
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Immediately, BlackRock UK equity team director and portfolio manager, Nick Little, will assume management of the BlackRock UK Dynamic fund, while managing director, Nigel Ridge, and director and portfolio manager, Nick Osborne, will co-manage the BlackRock UK Absolute Alpha fund.
BlackRock is also planning to merge the BlackRock UK Dynamic fund with its GBP513.6m BlackRock 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 with preliminary charges to be waived by BlackRock in any such switches.
Blackrock head of UK retail, Tony Stenning, said: "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."
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