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BlackRock's Plackett To Call Time On Industry, Morningstar Puts Fund "Under Review"
The US investment management giant announced the departure of its UK Special Situations fund manager.
BlackRock's Richard Plackett is retiring after 25 years in the fund management industry, prompting research firm Morningstar to put a fund that he managed under review.
The manager of the £1.36 billion ($2.12 billion) BlackRock UK Special Situations Fund and former head of the group's UK small and mid cap equities team recently returned to BlackRock after a six-month sabbatical.
“Richard Plackett has decided to retire from the fund management industry after a long and successful 25-year career. We wish him well in his retirement and thank him for his contributions to the firm and its clients,” BlackRock said in a memo to clients.
Taking over from Plackett will be Luke Chappell as co-manager of the BlackRock UK Special Situations Fund alongside Roland Arnold. Plackett will help manage the fund until the end of September.
Chappell, who has been co-head of the UK equity team alongside James Macpherson for the past decade, will predominantly provide mid- and large-cap ideas.
Meanwhile, Arnold, who joined BlackRock in 2000 and has co-managed the fund since 2012, carries mid- and small-cap expertise.
Plackett and Arnold will be supported by the group's UK equity team, which includes 19 investment professionals.
In its statement following the news of Plackett's departure, Morningstar said: "Following the announcement that Richard Plackett is to retire and give up management of this fund at the end of September, Morningstar has placed the Blackrock UK Special Situations fund Under Review. The fund was previously Gold rated. Plackett returned from a six-month sabbatical in October 2014 to manage this fund for which he has been responsible for over ten years. He is an experienced investor with over two decades of experience and Morningstar holds him in high regard. Roland Arnold will continue to manage the fund alongside Luke Chappell. Morningstar manager research analysts will be meeting with the new co-managers in due course to discuss their plans for the fund."