BlackRock has installed a new lead manager on its $1.1 billion US large-cap value strategy - with new face Bart Geer taking over the reins of the Luxembourg-domiciled fund.
This marks the first major fund appointment for Geer since he joined BlackRock from Putnam Investments over the summer. Geer had run Putnam’s Equity Income fund for the past 12 years.
Rendino had overseen the strategy as part of his responsibilities as head of BlackRock’s basic value equity team and served as as lead manager on the fund from January 2000.
He had originally served as a sole leader manager before Bob Martorelli was named as co-manager in April 2003 before stepping down in December 2008. Kurt Schansinger replaced Martorelli and been in place up until he left BlackRock in April 2011.
Schansinger and Rendino had previously worked as co-managers on the BGF US Focused Value fund, which was closed in November 2009.
Over the past three years the BGF US Basic Value Fund has returned 44.34%. This compares to its Citywire benchmark, the S&P 500 TR, which rose 65.21% over the same period.