BlackRock European equity manager Devlin steps back

BlackRock European equity manager Devlin steps back

BlackRock manager Vincent Devlin has stepped back from his fund responsibilities within the firm's European equity team, Investment Adviser understands.

Mr Devlin is the sole manager on the firm's £530m Continental European fund as well as co-manager on its European Absolute Alpha fund and the £310m Greater Europe investment trust.

A stock exchange announcement from the trust's board said the manager would be stepping down. However, Investment Adviser understands Mr Devlin will be leaving all his European equity roles.

The trust's board said Stefan Gries, a director in BlackRock's European equity team, will replace Mr Devlin, while Sam Vecht retains his co-manager role.

It is understood Mr Gries will takeover the Continental European fund, which has returned 43 per cent over the past three years compared with a sector average of 41 per cent. He will be joined on the portfolio by European equity colleague Giles Rothbarth. 

Mr Devlin had run the fund since 2008. The manager joined BlackRock in that year, having previously worked at Scottish Widows. He has not left the firm but is thought to be pursuing new opportunities internally.