Mike Prentis is to step down as manager of the £779m BlackRock Smaller Companies investment trust.
Mr Prentis had run the trust for 14 years and has beaten the index in every one of those years, while the dividend has increased each year.
Mr Prentis has also been part of the management for 16 years during which time the net asset value of the trust has increased 12-fold, while the index has increased four-fold.
The announcement of Mr Prentis's retirement was contained in the annual report of the trust, which was released to the stock exchange this morning (May 3).
He will be succeeded in the role by Roland Arnold, who became manager of the £825m BlackRock Special Situations fund in 2013, and co-manager on the BlackRock Smaller Companies trust in May 2018.
Mr Prentis said: "I will be retiring after the AGM in June, having served as portfolio manager for more than 16 years. It has been a thoroughly enjoyable experience, and rarely have I had a dull day.
"We are indeed fortunate that our investment universe has always included many fast growing, truly differentiated companies often run by highly impressive and dynamic management teams.
"At BlackRock I have been fortunate to be part of a closely knit team, with a clear investment approach which all of us are bought into.
"Throughout this period I have worked closely with Roland Arnold, and I wish Roly the best of success in the future as portfolio manager of the company. I will remain a shareholder and will be maintaining a keen interest in progress."
The annual results of the trust show that it posted a loss of 6.6 per cent for the 12 months to the end of February 2019, compared with a loss of 8.2 per cent for the Numis Smaller Companies index.
david.thorpe@ft.com
