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BlackRock restructures UK equity offering as Lyttleton departs

by Sarah Miloudi on Mar 25, 2013 at 10:05

BlackRock restructures UK equity offering as Lyttleton departs

BlackRock has unveiled a raft of changes to its retail UK equity offering following the decision of Mark Lyttleton to quit the firm and relinquish his UK Dynamic and Absolute Alpha portfolios, Wealth Manager can exclusively reveal.

From 28 March, Nick Little, director and portfolio manager on the UK equity team, will take sole control of  BlackRock's UK Dynamic fund, while Nigel Ridge will be appointed co-manager of the BlackRock UK Absolute Alpha fund alongside Nick Osborne.

Lyttleton, who announced in May that he planned to take a three-month break from fund management, informed BlackRock of his intention to leave and will hand over his portfolio responsibilities in three days' time. 

He will leave BlackRock at the end of April and transition his responsibilities during that time to ensure an orderly handover.

Fund merger

Little joined BlackRock 12 years ago and was appointed co-manager of the BlackRock UK fund in September 2011, running the vehicle alongside Lyttleton (pictured).

He became sole manager of the fund last March. 

Ridge, meanwhile, joined BlackRock in 2004 and has over 25 years' investment experience.

He is the lead portfolio manager for the BlackRock UK Equity Hedge fund and has been running long/short strategies and delivering positive returns year-on-year for almost a decade. 

BlackRock said that Little, Ridge and Osborne are 'key members' of its BlackRock UK equity team - one of the largest in London with over £21 billion under management.

Further to the changes, the asset manager will propose to streamline its UK equity offering by merging the BlackRock UK Dynamic fund into the BlackRock UK fund, subject to regulatory and unitholder approval.

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