BlackRock’s Lustig to Exit at Year-End to Pursue Teaching Career
BlackRock Inc. (BLK), the world’s biggest money manager, said Michael Lustig will retire at the end of the year after more than two decades at the investment firm to pursue a career in academia.
Lustig, a managing director in BlackRock’s fixed-income unit, previously oversaw taxable closed-end funds and later helped manage mortgage assets for the Federal Reserve that the agency took over from Bear Stearns Cos., Robert Kapito, president of New York-based BlackRock, wrote today in a memo to employees. Lustig, who co-teaches a class at Columbia University’s business school, plans to continue to teach after leaving BlackRock, Kapito wrote.
In his career at BlackRock, Lustig also managed structured mortgage products and created a training program for new analysts, Kapito said. News of Lustig’s retirement was reported earlier today by Reuters.
BlackRock, which manages $3.35 trillion for institutions and individuals, also helps governments and banks evaluate hard- to-value securities. BlackRock was picked to manage mortgage- related assets by the Federal Reserve Bank of New York after its rescue of Bear Stearns and American International Group Inc. in 2008.
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