BlackRock has announced that Graham Birch, due back from a 12-month sabbatical in March 2010, has decided not to return to the group. While this is undoubtedly a blow to the team, we think it’s a close-knit and stable unit who have worked well together for some years. Evy Hambro and Robin Batchelor will become permanent as co-Heads of the Natural Resources Equity team, having taken these roles in a temporary capacity on Birch’s departure in March 2009. There will be no additional changes to management on the funds run by the team.
When we met with Hambro and Batchelor in 2009, it was after the start of Birch’s sabbatical. As we stated in our qualitative rating reports, it was clear the team was already prepared for whatever decision Birch made. The announcement doesn’t change our
opinion on the funds we have rated and we maintain the Elite ratings on BlackRock Gold & General, BGF World Gold and BGF World Mining and the Superior ratings on BGF World Energy and BGF New Energy.
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