BlackRock Inc. (BLK), the world’s largest asset manager, hired Pavan Wadhwa, former head of U.S. dollar interest rate strategy at JPMorgan Chase & Co., to lead a team focused on global interest rate analysis.
Wadhwa will join BlackRock’s Americas fixed-income group later this month in New York and report to Bob Miller, head of the multisector retail and rates team and a portfolio manager on BlackRock’s Strategic Income Opportunities Fund (BASIX), Jessica Greaney, a spokeswoman for New York-based BlackRock, said today in an e-mail. Prior to joining BlackRock, Wadhwa worked at JPMorgan for 15 years, including five as head of European and global interest rate strategy in London.
BlackRock, which manages $3.86 trillion in assets, has worked to improve the performance of its actively managed bond funds as deposits trailed those of index-based investments last year. The firm reorganized its bond division in 2012, giving unit heads such as Rick Rieder and Kevin Holt greater autonomy and accountability. Chief Executive Officer Laurence D. Fink has said BlackRock is seeing a rotation in fixed income to more flexible, non-traditional bond products with shorter durations.
Wadhwa, who will be a managing director and the unit’s head of rates strategy, started his career at BlackRock in 1995, where he was an associate in the financial modeling group. He has an MBA and a Ph.D. in finance from the University of Texas at Austin.
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