Nimish Patel, a fund manager in BlackRock's index tracker team, has resigned. He is in the process of handing over management of his funds, he is taking a break from the asset management industry.
Nimish Patel was the named manager on three funds, currently on our Core Tracker list:
- BlackRock Japan Equity Tracker Fund
- BlackRock Pacific ex Japan Equity Tracker Fund
- BlackRock Emerging Markets Equity Tracker Fund
He was named manager on a number of BlackRock's other tracker funds, including:
- BlackRock 100 UK Equity Tracker Fund
- BlackRock Continental European Equity Tracker Fund
- BlackRock North American Equity Tracker Fund
- BlackRock UK Equity Tracker Fund
- BlackRock Global Property Securities Equity Tracker Fund
- BlackRock US Equity Tracker Fund
By their nature, tracker funds follow the investments in a market index. Therefore the departure of an individual manager has less impact on a tracker fund's performance than on an actively-managed fund.
We do not believe investors should be concerned by this news providing the fund continues to meet objectives; this will not impact our view of funds on the Core Tracker list. BlackRock's team is well staffed and its procedures are tight to ensure the funds perform as expected. Responsibility for BlackRock's funds is, and will continue to be, a team effort. Kieran Doyle will become named manager on these funds, he is an experienced fund manager with over a decade's experience.