BlackRock has confirmed a number of fund managers running funds sold in the UK will be replaced, affecting some $30bn of assets under management, as the firm restructures its active equity investment platform.
Earlier this week the world's largest asset manager announced it was moving many of its active equity products to an alpha-driven strategies and changing "certain investment teams, primary in the US". As a result, the group confirmed to Investment Week it will have to make a number of changes on some of its teams including replacement managers on the BlackRock's Global Equity, US Opportunities, US Dynamic and Emerging Markets funds, all of which are sold in the UK. The £84m US Dynamic fund, run by Peter Stournaras, will be handed to US-based managers Todd Burnside and Joe Wolfe, while...
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