Feb 14 BlackRock, the world's largest
money manager, said on Thursday that Peter Fisher was stepping
down as head of fixed income at the New York-based firm.
Fisher, who joined BlackRock in 2004 after serving at the
U.S. Treasury as under secretary for domestic finance, will
become a senior director at the BlackRock Investment Institute,
which produces research for investors.
BlackRock Chief Executive Laurence Fink said Fisher, 56, had
completed a multi-year turnaround to improve performance at the
firm's vast bond division.
"Fixed income performance today is again among the best in
the industry," Fink said in an email to BlackRock employees.
Instead of replacing Fisher, Fink said the firm will rely on
four executives who reported to Fisher.
Rick Rieder, who was chief investment officer for
Fundamental Fixed Income, and Kevin Holt, who had managed some
bond accounts, will become co-heads of Americas Fixed Income.
Tim Webb will continue to oversee fixed income in other regions.
And Peter Hayes remains as head of tax-exempt fixed income.
The moves follow Tuesday's announcement that Morgan Stanley
banker and long-time financial advisor Gary Shedlin will
join BlackRock next month to succeed Ann Marie Petach as chief
The firm's stock has been on a role of late, gaining 32
percent over the past three months. BlackRock shares hit an
all-time high of $245.65 on Thursday before closing at $245.57,
up $3.05, or 1.3 percent, on the day.
Investors have been pouring into BlackRock stock and bond
funds, especially its iShares lines of exchange-traded funds,
helping push its adjusted profit margin over 40 percent.
BlackRock oversaw $656 billion in actively managed fixed
income assets, $410 billion in indexed fixed income and another
$193 billion at the iShares ETF unit at the end of 2012, part of
the firm's total assets of $3.8 trillion.