Brian Gallagher has quit as manager of the £22 million UBS Equity Income fund, one of the first U.K. equity income funds to implement the use of covered call options, FundWeb reports. Gallagher joined the Swiss banking group in 2007 from Gartmore. Edward Peter-Hoblyn and Richard Lloyd have replaced Gallagher and will co-manage the fund. Lloyd, who was formerly managing the Schroder Income Maximiser fund range, will be in charge of covered call allocation. Peter-Hobyln, manager of the UBS U.K. Opportunities fund, will oversee stock selection.
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