There’s been a re-shuffle of fund managers in the natural resources team at BlackRock. Graham Birch is taking a sabbatical until the end of the year and is handing over the reins of his £1.5 billion Gold & General fund to Evy Hambro.

Mr Hambro is a very experienced replacement. He already runs the £500 million BlackRock World Mining investment trust as well as an offshore mining fund and an offshore gold fund.

Although fund manager changes are never welcome, it is expected that this one will cause fewer ripples than most. Evy Hambro and the 14-strong natural resources team at BlackRock are highly rated by most fund commentators.

However Stephen Marriott, of Bestinvest, the independent financial adviser, said: “We have temporarily suspended our rating of the fund, pending a meeting with BlackRock. One of the questions we will be asking is whether Mr Birch is planning to come back at the end of his sabbatical. Time and time again fund managers have announced they are going on sabbatical but have failed to return once their sabbatical is completed.”

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