BlackRock veteran fund manager Dennis Stattman is to retire from the asset management giant in August after 28 years at the firm.
Stattman is the lead co-manager of the £14bn BlackRock Global Allocation fund.
The multi-asset fund will continue to be run by the four other co-managers Dan Chamby, David Clayton, Kent Hogshire, and Russ Koesterich.
Stattman serves as head of the global allocation team within Blackrock’s multi-asset strategies group. He is also a member of Blackrock’s global operating and leadership committees.
According to an internal memo sent today, and seen by Fund Strategy, Stattman will continue as an advisor to BlackRock’s multi-asset strategies group after he retires.
The memo says: “Befitting its long-term orientation, the global allocation team has been anticipating this [manager] transition for many years, expanding its resources, evolving its processes and consistently emphasizing a team approach to portfolio management”.
A year ago BlackRock has hired Koesterich to the global allocation team, led by Lisa O’Donnell, to reinforce portfolio construction and risk management. O’Donnell will continue in her role after Stattman’s departure.
The firm says: “BlackRock Global Allocation has been the cornerstone of millions of investor accounts through three decades for a reason. And Dennis is one of those reasons. His global vision and investing acumen made a product into a solution for retirees, college savers and so many others with a long-term view. His foresight helped to create a team to sustain that vision long into the future.
“We will have more to say about Dennis when he steps down from his role at global allocation later this year. For now, we would like to thank him on behalf of the firm for being a great investor. Most of all, we would like to thank Dennis for helping to build a franchise that can serve clients for generations to come”.
For the one-year period ended in May, the BlackRock Global Allocation fund returned 11.29 per cent versus a return of 10.28 per cent for its reference benchmark.