Backrock fund manager Alister Hibbert is stepping back from the £4.5bn European Dynamic fund to focus on long/short and unconstrained investing at the asset management giant.
Hibbert will remain on the Blackrock European Dynamic fund until the end of the year as well as the Sicav version of the strategy, the €4.5bn Blackrock Continental European Flexible fund. Existing co-manager Giles Rothbarth (pictured), who was trained under Hibbert over the last decade after joining Blackrock as a graduate, will take on sole responsibility for both funds.
The Blackrock European Dynamic fund was a platinum winner in the Portfolio Adviser Fund Awards 2019 and was also shortlisted in 2020.
Fundcalibre announced it will be removing its Elite Rating from the Blackrock European Dynamic fund as a result of the changes. The fund will instead have an Elite Radar badge, reserved for funds or managers with track records of less than three years.
Fundcalibre director Juliet Schooling Latter said it was a shame Hibbert was stepping back, but not a surprise given Rothbarth has been doing more in terms of client facing events and communications.
Schooling Latter said Fundcalibre had every intention of reinstating the Elite Rating on the Blackrock European Dynamic fund once Rothbarth passes his three-year track record, having accumulated 18 months’ experience to date on the fund. She described him as “another very impressive manager from a very strong Blackrock European team and he stands out from his peers”.
Rothbarth is also a co-manager on the £751.4m Blackrock Continental European Fund with Stefan Gries, who is also taking on extra responsibilities as his co-manager on the €1.2bn Blackrock European Special Situations fund, Michael Constantis, also steps back to focus on long/short and unconstrained investing.
Gries co-manages the Blackrock European Absolute Return Strategy and Continental European fund and has sole responsibility for the Blackrock European fund. He joined Blackrock from Scottish Widows Investment Partnership in 2008, where he as a European equities research analyst and portfolio assistant for two years.
Hibbert and Constantis will continue to co-manage the European portfolios until the end of the year at which point the management transition will take place. In January, the pair launched the Blackrock Global Unconstrained Equity fund (UK).
Blackrock co-head of fundamental equity globally Becci McKinley-Rowe said alpha generation in the fundamental European equity team had been “driven by a focus on the development of strong talent over many years and close teamwork across our range of products”.
“We’re excited to see Giles Rothbarth and Stefan Gries, who have been members of the team for over a decade, take on expanded portfolio management roles in recognition of their strong performance track records and increased experience.”
