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Lyttleton takes summer break from BlackRock funds
Fund manager Mark Lyttleton is taking time off from running the BlackRock UK Dynamic and BlackRock UK Absolute Alpha funds to resolve 'family issues'.
The summer break is to help Lyttleon resolve family issues, according to BlackRock. He will leave next month and return on 17 September.
Nick Osborne, co-manager of UK Absolute Alpha, will continue managing the fund in Lyttleton’s absence.
Adam Avigdori will temporarily take on the role as sole manager of UK Dynamic. He already runs similar funds for BlackRock, for example co-managing its UK Income fund with Nick McLeod-Clarke, as well as the Income and Growth Investment trust.
The move follows a challenging time for Lyttleton as a fund manager. In February he stepped back as manager of BlackRock UK to let co-manager Nick Little take the helm. This allowed Lyttleton to focus on running the UK Absolute Alpha and UK Dynamic funds.
Over three years, BlackRock UK Dynamic has returned 22.4% to the 24 May, versus the benchmark’s 36.2%. Meanwhile UK Absolute Alpha has delivered 1.3% over three years to the 24 May.
Our Citywire Selection team dropped BlackRock UK Dynamic from its list of recommendations at its end of year review. At the same time it put the UK Absolute Alpha fund under review in the hope for a return to form.
Lyttleton won Citywire ratings for his performance consistently through 2003 to the end of 2008 but in the past four years has been rated only twice.
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