Rendino, 46, announced his decision last month and will remain at the firm until the end of November to help the transition, Greaney said. Bartlett Geer, based in Boston, is replacing Rendino as head of the firm’s Basic Value Equity team.
Geer is taking over BlackRock’s Basic Value Fund (MDBAX) and related investments that totaled $10 billion at the end of August, according to a statement from the firm. The fund has lost 0.6 percent over the past month, beating 94 percent of similar funds, and is down less than 0.4 percent in five years, outperforming 52 percent of rivals, according to data compiled by Bloomberg. The Standard & Poor’s 500 Index has fallen 3.3 percent in the past month and is 7.1 percent below its level five years ago.
Rendino came to BlackRock from Merrill Lynch Investment Managers when the firms merged in 2006. He couldn’t be reached for comment by e-mail.
Geer will report to Chris Leavy, BlackRock’s chief investment officer of fundamental equities for the Americas. Before joining BlackRock, Geer was a managing director and fund manager at Putnam Investments.
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