Bob Shearer is to end a two-decade stint with BlackRock and relinquish responsibilities for $22 billion worth of funds.
Shearer is currently a named manager on the $21.7 billion Equity Dividend Fund, which is US-domiciled, as well as the Ucits-compliant BGF North American Equity Income and UK-domiciled North American Income Trust.
Shearer has been with the company since 1997 will retire later this year. He co-managed the Equity Dividend Fund alongside Tony DeSpirito and David Cassese.
He also worked with DeSpirito also on the management of both the Ucits-compliant fund and the trust.
The company said that upon his departure in August, the board will review the management roles, however it is expected that DeSpirito, managing director and co-portfolio manager in the equity dividend team, will take over sole management of the trust.
Shearer first joined Merrill Lynch Investment Managers prior to its merger with BlackRock in 2006. There he managed the Merrill Lynch World Natural Resources Portfolio.
DeSpirito joined BlackRock in the summer of 2014 from Pzena Investment Management. He joined to serve as co-head of its equity dividend team alongside Shearer.