OBSR downgrades BlackRock UK Fund after Lyttleton departure
From Product News Feb 22 2012 BY: Esther Armstrong
, Senior Reporter
, Portfolio Adviser
BlackRock's Mark Lyttleton
OBSR has downgraded the BlackRock UK Fund in the wake of its management change, revealed by Portfolio Adviser yesterday.
The rating of the fund has been dropped to A from AA following the news Nick Little is to be made sole manager from 1 March, with Mark Lyttleton, the long-time manager of the fund stepping down.
OBSR said it had been in close contact with Lyttleton as well as Nick Little over recent months and is "comfortable with the new manager's investment philosophy and process", which it believes are "consistent of a benchmark aware fund".
Despite this it thinks an A rating is a better reflection of its conviction in the fund at present.