22 July 2015 - Richard Plackett, co-manager of the BlackRock UK Special Situations fund, has announced that he will retire from fund management at the end of 2015.
Having spent 25 years in the industry, Richard took a six-month sabbatical last year and, although he returned to the company in October to continue running the flag-ship fund, he decided to reliquish the two investment trusts he managed, as well as stepping back from his role as head of UK Small and Mid cap equities.
Luke Chappell, who has 25 years' experience working as a UK equity manager, has taken over as co-manager on the fund, with immediate effect, working alongside existing co-manager Roland Arnold. Richard will assist with the transition until the end of September.
The BlackRock UK Special Situations fund has suffered a period of underperformance over the past three years, and appeared in the latest Chelsea RedZone. It has been downgraded to a generic Chelsea 'hold' rating.