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AA-rated Tovey handed €1bn BlackRock L/S Europe fund

AA-rated Tovey handed €1bn BlackRock L/S Europe fund

Long/short equity manager David Tovey has been named as a co-lead on BlackRock’s European Absolute Return fund following Vincent Devlin’s decision to step back from active management.

Citywire AA-rated Tovey is the top-performing manager in the Citywire Alternative Ucits – Long/Short Equity sector on a three-year absolute return basis.

He has returned 77.6% over the period to the end of May 2017, while the average manager in the 134-strong sector returned 8.1% over the same timeframe. This was on the BSF European Opportunities Extension fund.

Tovey had proven a hugely popular manager among fund selectors with his European Opportunities Extension fund being hard-closed for two-and-a-half years before reopening for just two months in January 2017. The fund accrued €400 million during this period and was subsequently closed again.

In his new capacity, Tovey will work alongside Stefan Gries on the €1.09 billion BSF European Absolute Return strategy, which Devlin relinquished responsibility for earlier this month.

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