Black joined in LGIM in 2008 from Old Mutual’s UK equity income team, before launching L&G UK Equity Income fund in 2011 alongside other institutional portfolios.
He will be replaced by Andrew Koch, head of European equity funds, as interim manager. He himself joined LGIM last year having previously worked in European equity management at firms including BAE Systems, Henderson Global Investors, HSBC and UBS
Lance Phillips, head of active equity at LGIM, said: “In the time before Richard leaves LGIM we are working to ensure a seamless handover of responsibilities to Andrew Koch as the interim manager of the fund, but in the meantime we offer him and his family our best wishes for the future.”
Since inception in April 2011, L&G UK Equity Income fund returned 48.9% versus 52.7% from the IA UK Equity Income sector average.
