BlackRock’s stockpickers Charlie Lanchester and Madeleine Beaumont will depart the asset management giant after it chose to shut its active equities unit.
Global funds management group BlackRock says it is shutting down its high conviction Australian equities team and will hire Pendal Group to manage the outstanding funds.
The flagship Long-only strategy fell 26.5 per cent in 2022 and ranked in the bottom decile over three and five years, fund researcher Morningstar’s data shows. In an internal memo, Belinda Boa, BlackRock’s head of Asia Pacific active investments, and BlackRock Australia chief investment officer Michael McCorry said the decision was based on “scale and volatility considerations”.
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