Sam Vecht, who has been co-manager of Blackrock’s Greater Europe Investment Trust since its inception in 2004, has stepped aside from the role, leaving Stefan Gries as the sole portfolio manager.
The trust said the move was a reflection of the current focus and asset allocation within the portfolio.
Vecht (pictured) is managing director in Blackrock’s global emerging markets equities team, and retains his responsibilities co-managing several portfolios, including Blackrock’s GF Emerging Europe, SF Asia Pacific Absolute Return, and SF Emerging Markets Equity strategies.
He also manages the Blackrock Latin American and Frontiers investment trusts.
Effective immediately, Gries takes sole responsibility for the Greater Europe trust having been co-manager since June 2017. He is also a managing director and head of the European equity team within the portfolio management group of Blackrock’s fundamental equity division.
Gries has been at the firm since 2008, having also worked at Scottish Widows and Deutsche Bank.
The board has also decided to alter the management fee structure following a review. The trust will now pay the investment manager 0.85% of net asset value (NAV) per annum on assets up to £350m, and 0.75% of NAV per annum on assets thereafter. This is a reduction from the blanket 0.85% charged previously.