Albert Morillo is to continue managing Investec's European portfolio despite the announcement last week that his employer, BlackRock, is to merge with Merrill Lynch's asset management arm.
Morillo has run the European portfolio on an outsourced basis for several years and Investec confirmed that, while the merger alters the business he works for, it will be sticking with the manager for the time being.
However, the group said it will monitor the terms of the transaction over the coming months. Morillo's performance on the fund has suffered in recent years.
Although, over the past 12 months he has brought the fund back up from fourth quartile. He has achieved second quartile returns over the year to 6 February.
The merger of Merrill Lynch Investment Managers (MLIM) with BlackRock is expected to close by the third quarter of this year, with the new company operating under the latter's name in a global context.
However, while the firm, which is to be 50% owned by Merrill Lynch, will have presence in most key markets, the Merrill Lynch branding is expected to be retained in the UK because the group has the rights to the MLIM brand until at least 2010.
To date, BlackRock has had no direct presence in the UK retail market, although it has an office with 96 staff based in Edinburgh, where Morillo and his team are located.
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