BlackRock star fund manager Vincent Devlin is to step down from portfolio management duties in the firm’s European equity team.
Wealth Manager understands that although Devlin is stepping down he may take a different position within BlackRock.
In the three years to May 2017, the Continental European fund has returned 37.4% compared to the sector average of 38.3%, while the European Absolute Alpha fund has returned 4.9% compared to the average of 11%.
In a statement, BlackRock said that Stefan Gries, a senior director within its European Active Equity team, has been appointed co-portfolio manager of the trust alongside Citywire AA-rated Sam Vecht, who retains principal responsibility for the company’s emerging European portfolio.
Gries joined BlackRock’s European equity team in 2008, after previous roles at Scottish Widows, Aberdeen and Deutsche Bank.
Wealth Manager also understands Gries will take over management duties on the Continental European fund alongside European equity analyst Giles Rothbarth.