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Veteran BlackRock PM to retire from $18bn fund

Veteran BlackRock PM to retire from $18bn fund

One of BlackRock’s longest-serving managers, who is responsible for running tens of billion of assets, is to retire later this year.

Dennis Stattman is to step down from running money in August, according to an internal memo sent to staff at BlackRock yesterday and seen by Citywire.

Stattman is co-manager on the $18.4 billion BGF Global Allocation fund, which he manages alongside Dan Chamby, David Clayton, Russ Koesterich, and Kent Hogshire.

His four co-managers will continue on the fund after his departure.

After his retirement, Stattman will continue as an advisor to BlackRock’s multi-asset strategies group.

His departure from the fund follows that of fellow veteran Romualdo Roldan, who was taken off the strategy in January this year and replaced by Koesterich, Clayton and Hogshire.

Only Chamby remains as manager from the fund's line-up this time last year. He has been on the strategy since 2003.

He was originally a portfolio manager at Merrill Lynch Investment Managers, which merged with BlackRock in 2006.

Prior to joining Merrill Lynch, he was director of research at Meridian Management Company.  

The memo, written by BlackRock president and director Rob Kapito and global head of multi-asset strategies Rich Kushel, read: ‘Befitting its long-term orientation, the Global Allocation team has been anticipating this transition for many years, expanding its resources, evolving its processes and consistently emphasizing a team approach to portfolio management.’

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