BlackRock’s Weinstein to Exit as Multisector Bond Head

BlackRock Inc. (BLK)’s Brian Weinstein, head of the business that helps allocate money across all sectors of fixed income for institutional investors, is leaving the firm at the end of June.

Weinstein, who worked at the world’s largest money manager for 13 years, is departing to spend time with his family and reassess his career goals, according to a memo sent to clients by the firm’s co-heads of fixed income in the Americas, Rick Rieder and Kevin Holt. The memo was provided to Bloomberg by New York-based BlackRock. Weinstein, 36, also co-manages the $3 billion BlackRock Inflation Protected Bond Portfolio.

BlackRock reorganized its actively managed bond division in 2012 to give unit heads Rieder and Holt greater autonomy and accountability. In 2013, investors put $10.4 billion into BlackRock’s active bond funds, while withdrawing $7.5 billion from its fixed-income exchange-traded funds. BlackRock had $1.2 trillion in fixed income out of its $4 trillion in long-term assets as of Dec. 31, according to a company filing.

Akiva Dickstein, head of the mortgage fund-management team at BlackRock, will add Weinstein’s traditional fixed-income strategies, or core bonds, to his responsibilities, according to the memo. Dickstein will continue to report to Bob Miller, head of the multisector and rates team.

The BlackRock Inflation Protected Bond Portfolio (BPRIX), which Weinstein runs along with Martin Hegarty, advanced at an annual pace of 5.9 percent over the past five years, ahead of 67 percent of similarly managed funds, according to data compiled by Bloomberg. This year through March 11, the fund returned 2 percent, ahead of 76 percent of rivals.

To contact the reporters on this story: Alexis Leondis in New York at aleondis@bloomberg.net; Elizabeth Stanton in New York at estanton@bloomberg.net

To contact the editors responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net Sree Vidya Bhaktavatsalam, Josh Friedman

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