LGIM equity manager exits after poor performance

Legal & General Investment Management (LGIM) has replaced senior equity manager Matt Fletcher on two of its UK equity funds following patchy performance.

Richard Black is now the manager of the £190.9m L&G Equity fund, which is in the bottom quartile of the IMA UK All Companies sector in one, three and five years.

Guy Rushton has taken over the £26.6m L&G UK Special Situations fund, which is top quartile in one year, third quartile in three years, and bottom quartile in five.

A spokesperson confirmed that Mr Fletcher had left the company in recent weeks.