BlackRock’s Bob Shearer to retire

Business-Handshake-General-Hire-Appointment-700x450.jpgBlackRock’s Bob Shearer, co-manager of the BlackRock North American Income Trust will retire later this year, the firm has announced.

Shearer will step down as manager of the £117m trust at the end of August, when co-manager Tony DeSpirito is set to take on full management of the portfolio, although the board will review the trust’s management nearer the time.

The trust launched in October 2012, raising £65m during its initial offering. Over three years, the trust has returned 70 per cent compared to the 52 per cent return in the North America Equities sector, FE data shows.