LGIM UK equity income manager Black to exit

Legal & General Investment Management (LGIM) UK Equity Income manager Richard Black is to leave the group after seven years at the company.

Black, who has run the £591m UK Equity Income portfolio since 2011, is departing to pursue an opportunity outside the UK, the company said. His fund will be taken over for an interim period by Andrew Koch, head of European equity funds at LGIM. Koch joined the fund house last autumn and, alongside Black and LGIM Asian Income manager Paul Hilsley, forms part of the group's wider global equity income team. Black has been at LGIM since 2008, having previously worked at Old Mutual Asset Managers since 2002. Lance Phillips, head of the active equity team at LGIM, said: "[Richard] has...