Lore Hayes, AIB Govett Asset Management's head of large cap UK equities, has dropped her responsibilities as manager of the underperforming £150m (€236m) Govett UK Blue Chip unit trust.

Her role has been taken over by John Murray, AIB Govett's deputy chairman, confirmed Graham Sinclair, head of marketing. He said that Hayes' move reflected the fact that retail investors buying the unit trust through IFAs are largely in the UK and want regular access to the fund manager. Hayes is based in Dublin. She will, however, continue as head of large cap UK equities.