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BlackRock commodities veteran steps down

BlackRock commodities veteran steps down

Natural resources specialist Richard Davis has stepped down from his fund management responsibilities at BlackRock after 19 years.

A BlackRock spokesperson told Wealth Manager that Davis (pictured) had made the decision ‘to explore other career opportunities inside and outside of BlackRock’.

His principal UK fund was the £111 million BlackRock Commodities Income investment trust. Davis had headed the fund since its launch in 2005, during which time it returned 57% compared with an average of 30% from its peer group.

Davis will be succeeded on the trust by Olivia Ker as lead manager, with Citywire + rated Thomas Holl continuing as deputy manager. BlackRock has confirmed that the new team will follow the existing investment approach.

Davis has also stepped down as co-manager of three open-ended funds: the offshore £122 million BlackRock World Agriculture, and the on and offshore versions of the £20 million BlackRock Natural Resources Growth & Income strategy.

Co-manager Desmond Cheung will now take sole charge of World Agriculture, while Cheung and Catherine Raw will join co-managers + rated Joshua Freedman and Holl on Natural Resources Growth & Income.

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