BlackRock Inc., the world’s largest money manager, said Quintin Price, who oversees the firm’s $944 billion fundamental active stock and bond investments as head of its alpha strategies business, plans to retire.
Price, who is 54, will return to London where he will be a senior adviser for BlackRock through next summer, according to a memo provided by the firm. Price headed the alpha strategies unit since it was started in 2012, and has expanded the portfolio-management teams of the firm’s fundamental stock-picking business, mostly in the U.S. and Asia.
BlackRock, which managed $4.72 trillion at the end of June, mostly in passive products, has worked over the past years to rejuvenate its bond and stock-picking business, where fees are typically higher. Assets in BlackRock’s actively managed U.S. and international equity funds dropped to $292.8 billion at the end of 2014, from $334.5 billion in 2010, even as stock markets rallied.
Performance at the firm’s fundamental equity funds has improved, with 78 percent of the products beating their benchmark or peer median over one year, as of the second quarter. This compares with 41 percent in the previous quarter. Over three years, the figure improved to 61 percent from 52 percent. The firm’s actively managed fixed income funds were reorganized in 2012.
BlackRock intends to keep the leadership of the investment teams the same, according to the memo. Chris Jones and Nigel Bolton will continue to co-lead the firm’s fundamental active equity business, while Rick Rieder, Kevin Holt and Tim Webb will continue to run the fixed income business.
Price’s retirement was earlier reported by Financial News.