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BlackRock adjusts leadership team for its largest mutual fund
December 7, 2016 / 10:37 PM / a year ago

BlackRock adjusts leadership team for its largest mutual fund

NEW YORK, Dec 7 (Reuters) - BlackRock Inc is replacing one of the leaders of its nearly $42 billion BlackRock Global Allocation Fund and adding three new portfolio managers.

Aldo Roldan, a managing director and portfolio manager, is stepping down from helping manage the company’s largest mutual fund because he wanted to reduce his day-to-day responsibilities, a BlackRock spokeswoman said.

Roldan will work on the Global Allocation team as a “senior investor,” focusing on research and analysis, she said.

Three other investors will get top billing, according to a regulatory disclosure this week.

Those three being elevated include Russ Koesterich, the fund’s head of asset allocation, as well as David Clayton and Kent Hogshire, two senior investors who already assist on the fund.

The changes take effect Jan. 1. (Reporting by Trevor Hunnicutt in New York; Editing by Jim Finkle)

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