BlackRock has shaken up its fixed income team as part of efforts to give it a “global” perspective, as well as rejigging its active equities and multi-asset operations under a broader restructure.
In an internal memo the company announced it was looking to “evolve” by broadening its leaders’ experience, following other senior reshuffles in 2012 and 2014.
As part of this the fixed income team will take a global focus, with head of international fixed income Tim Webb becoming global head of fixed income and Rick Rieder, currently chief investment officer (CIO) of fundamental fixed income, assuming the title of CIO of global fixed income.
The company explained clients were seeking a broader outlook on fixed income because of macro-economic developments, saying: “Given the uncertainty created by central bank actions around the world, clients are valuing guidance on fixed income markets from a global perspective.”
Under the changes, which take effect at the start of February, both men will report to BlackRock president Rob Kapito.
The company will also combine its fundamental active equity and scientific active equity groups into one business, explaining: “In a market environment characterised by more volatility, lower beta and increased dispersion, clients are increasingly looking for active equity solutions irrespective of whether they are fundamental or quantitative strategies.”
Meanwhile Ewen Cameron Watt, who as chief investment strategist played a key role in establishing the BlackRock Investment Institute, will step back from full-time involvement on July 1 and will now serve as a senior director at the institute.
BlackRock is also looking to further promote its multi-asset business, which it has identified as one of the firm’s leading opportunities for growth.
As part of changes to the business Rich Kushel will take on the role of head of multi-asset strategies while Pierre Sarrau, deputy CIO of multi-asset strategies, will be promoted to CIO.
