Shake-up at BlackRock as manager leaves

FUND management group BlackRock has parted company with one of its longest-serving fund managers, prompting it to reshuffle its UK equities team and merge two of its funds.
By The Newsroom
Published 26th Mar 2013, 09:01 BST

Mark Lyttleton, managing director on the UK equity team, which manages more than £21bn, will leave the firm at the end of April, BlackRock said.

Nick Little, currently a director on the UK equity team, will take control of Mr Lyttleton’s UK Dynamic fund which will be merged into the BlackRock UK fund.

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Nigel Ridge, a managing director at the firm, will manage the UK Absolute Alpha fund with existing co-manager Nick Osborne.

“Nick Little, Nigel Ridge and Nick Osborne are key members of the BlackRock UK Equity team, which is one of the largest in London... and are able to draw upon the strength and depth of the broader team,” BlackRock said.

According to Thomson Reuters, Mr Lyttleton’s UK Dynamic and UK Absolute Alpha funds have seen combined net outflows of about £900m over the 12 months to the end of February. Returns over the year have also underperformed and are below the peer group average.