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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