BlackRock manager steps down from energy fund
June 17 (Reuters) - BlackRock Inc portfolio manager Daniel Rice is going to step down as co-manager of the firm's energy mutual funds but will remain in the company, a BlackRock spokeswoman said on Sunday.
Rice's move comes in the wake of a potential conflict of interest that involves Rice's family business and holdings in the BlackRock Energy & Resources Fund, which he co-manages.
The possible conflict stems from a joint venture formed with Alpha Natural Resources and a subsidiary of the natural gas drilling company founded by Rice.
Since that joint venture, BlackRock increased its ownership in Alpha Natural Resources.
BlackRock declined to comment further.
Rice has also agreed not to serve as an officer at his family businesses or participate in fundraising for the companies, BlackRock told the Wall Street Journal, which first reported the move.
Earlier in June, Morningstar said it was reviewing its rating on BlackRock's Energy & Resources Fund due to the potential conflict of interest regarding Rice's family business. .
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