UBS equity income fund manager Gallagher exits

Brian Gallagher, manager of the £22m UBS Equity Income fund, has left the firm, with his fund handed over to Edward Peter-Hoblyn and Richard Lloyd.

The fund, run by Gallagher since 2007, was one of the first UK equity income funds to use covered call options. New co-manager Lloyd will be responsible for the covered call allocation, while Peter-Hobyln will look after stock selection. Peter-Hoblyn already manages UBS' £46m Opportunities fund, having taken it on in September 2010. He joined from Mirabaud Investment Management, where he managed £850m of long-only, UK equity portfolios in the group's high alpha offering. Meanwhile Lloyd joined UBS in November last year from Insight Investment Management where he had been head of struc...