BlackRock Announces Portfolio Manager Changes to BlackRock Enhanced Capital
& Income Fund, Inc.
NEW YORK -- October 31, 2012
BlackRock Advisors, LLC today announced changes to the portfolio management
team of BlackRock Enhanced Capital & Income Fund, Inc. (NYSE:CII) (the
“Fund”). Effective October 31, 2012, the Fund’s portfolio management team now
consists of Timothy Keefe, Thomas Bushey, Kyle McClements and Christopher
Accettella. Biographies for each of the portfolio managers are set forth
Timothy Keefe, Managing Director, is a member of the Fundamental Equity
platform within BlackRock's Portfolio Management Group. He is portfolio
manager and head of the Flexible Equity team.
Prior to joining BlackRock in 2012, Mr. Keefe was a portfolio manager for Mayo
Capital Partners, which he joined in 2008. Prior to joining Mayo Capital
Partners, Mr. Keefe was a Senior Vice President, Chief Equity Officer and
Member of Investment Policy Committee at John Hancock Funds, LLC. From 1996 to
2000, Keefe was the portfolio manager of John Hancock Large Cap Equity Fund
and John Hancock Small Cap Intrinsic Value Fund. Mr. Keefe rejoined John
Hancock in 2004 as the Chief Equity Officer, overseeing firm's equity
investment professionals with $15 billion of assets under management. He once
again acted as the lead portfolio manager for large-cap equity and small-cap
equity strategies. From 2000 to 2004, Mr. Keefe was Partner and Portfolio
Manager at Thomas Weisel Partners. Earlier in his career, he was a Vice
President and Portfolio Manager at Federated Investors.
Thomas Bushey, Vice President, is an associate portfolio manager within
BlackRock's Flexible Equity team.
Prior to joining BlackRock in 2012, Mr. Bushey was a Senior Analyst with Mayo
Capital Partners managing $2.5 billion of assets. Mr. Bushey was responsible
for sourcing and positioning public market investments. From 2008-2009, Mr.
Bushey was a Senior Industrial Analyst with Millennium Management and member
of the global industrial investment team for a long/short equity hedge fund
with approximately $12.0 billion of assets under management. From 2007-2008,
Mr. Bushey was a Senior Analyst with Tisbury Capital Management, a global
multi strategy hedge fund with $3.0 billion of assets. From 2005-2007, Mr.
Bushey was an Associate of HCI Equity Partners and member of the investment
team for $1.5 billion of private equity funds focused on industrial products
and services. Prior to 2005, Mr. Bushey was an Analyst with the investment
banking division of Credit Suisse First Boston where he executed and analyzed
mergers, acquisitions, leveraged buyouts, divestitures, takeover defenses,
restructurings and debt and equity financing for corporate clients and
Kyle G. McClements, CFA, Managing Director, is a member of the Fundamental
Equity platform within BlackRock's Portfolio Management Group. He is a senior
trader responsible for executing equity derivatives and options trades.
Mr. McClements' service with the firm dates back to 2004, including his years
with State Street Research & Management (SSRM), which merged with BlackRock in
2005. At SSRM, Mr. McClements was a Vice President and senior derivatives
strategist responsible for equity derivative strategy and trading in the
Quantitative Equity Group. Prior to joining SSRM in 2004, Mr. McClements was a
senior trader/analyst at Deutsche Asset Management, responsible for
derivatives, equity program, technology and energy sectors, and foreign
exchange trading. Mr. McClements began his career in 1994 as a derivatives
analyst with Donaldson Lufkin & Jenrette responsible for pricing and
performance analytics for the derivatives trading desk.
Christopher M. Accettella, Director, is a member of the Fundamental Equity
platform within BlackRock's Portfolio Management Group. He is a trader
responsible for executing equity derivatives and options trades.
Prior to joining BlackRock in 2005, Mr. Accettella was an institutional sales
trader with American Technology Research. From 2001 to 2003, he was with
Deutsche Asset Management where he was responsible for derivatives and program
trading. Prior to that, he was a senior associate in the Pacific Basin Equity
Group at Scudder Investments Singapore Limited. Mr. Accettella began his
investment career in 1997 as a portfolio analyst in the European Equity group
of Scudder Kemper Investments, Inc.
BlackRock is a leader in investment management, risk management and advisory
services for institutional and retail clients worldwide. At September 30,
2012, BlackRock’s AUM was $3.673 trillion. BlackRock offers products that span
the risk spectrum to meet clients’ needs, including active, enhanced and index
strategies across markets and asset classes. Products are offered in a variety
of structures including separate accounts, mutual funds, iShares^® (exchange
traded funds), and other pooled investment vehicles. BlackRock also offers
risk management, advisory and enterprise investment system services to a broad
base of institutional investors through BlackRock Solutions^®. Headquartered
in New York City, as of September 30, 2012, the firm has approximately 10,400
employees in 29 countries and a major presence in key global markets,
including North and South America, Europe, Asia, Australia and the Middle East
and Africa. For additional information, please visit BlackRock’s website at
This press release, and other statements that BlackRock or the Fund may make,
may contain forward-looking statements within the meaning of the Private
Securities Litigation Reform Act, with respect to the Fund or BlackRock’s
future financial or business performance, strategies or expectations.
Forward-looking statements are typically identified by words or phrases such
as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,”
“expect,” “anticipate,” “current,” “intention,” “estimate,” “position,”
“assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,”
“achieve,” and similar expressions, or future or conditional verbs such as
“will,” “would,” “should,” “could,” “may” or similar expressions.
BlackRock cautions that forward-looking statements are subject to numerous
assumptions, risks and uncertainties, which change over time. Forward-looking
statements speak only as of the date they are made, and BlackRock assumes no
duty to and does not undertake to update forward-looking statements. Actual
results could differ materially from those anticipated in forward-looking
statements and future results could differ materially from historical
With respect to the Fund, the following factors, among others, could cause
actual events to differ materially from forward-looking statements or
historical performance: (1) changes and volatility in political, economic or
industry conditions, the interest rate environment, foreign exchange rates or
financial and capital markets, which could result in changes in demand for the
Fund or in the Fund’s net asset value; (2) the relative and absolute
investment performance of the Fund and its investments; (3) the impact of
increased competition; (4) the unfavorable resolution of any legal
proceedings; (5) the extent and timing of any distributions or share
repurchases; (6) the impact, extent and timing of technological changes; (7)
the impact of legislative and regulatory actions and reforms, including the
Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory,
supervisory or enforcement actions of government agencies relating to the Fund
or BlackRock, as applicable; (8) terrorist activities, international
hostilities and natural disasters, which may adversely affect the general
economy, domestic and local financial and capital markets, specific industries
or BlackRock; (9) BlackRock’s ability to attract and retain highly talented
professionals; (10) the impact of BlackRock electing to provide support to its
products from time to time; and (11) the impact of problems at other financial
institutions or the failure or negative performance of products at other
Annual and Semi-Annual Reports and other regulatory filings of the Fund with
the Securities and Exchange Commission (“SEC”) are accessible on the SEC's
website at www.sec.gov and on BlackRock’s website at www.blackrock.com, and
may discuss these or other factors that affect the Fund. The information
contained on BlackRock’s website is not a part of this press release.
BlackRock Enhanced Capital & Income Fund, Inc.
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