- He's joining team running $47 billion Global Allocation Fund
- Kevin Holt and Vishal Karir also assume new responsibilities
Russ Koesterich, global chief investment strategist at BlackRock Inc., is leaving that role to run asset allocation for the team managing the firm’s largest mutual fund.
Koesterich will work on the $47 billion BlackRock Global Allocation Fund, which invests in stocks, bonds and other assets, said Jessica Greaney, a spokeswoman for the New York-based company. The fund will continue to be led by portfolio managers Dennis Stattman, Dan Chamby and Aldo Roldan.
Kevin Holt, head of the San Francisco and Seattle offices, will take over Koesterich’s responsibilities for running BlackRock’s model portfolio solutions team, according to Greaney. Vishal Karir will assume Koesterich’s role of portfolio manager on the firm’s target allocation funds, she said.
The Global Allocation Fund, started in 1989, was down 1.1 percent this year through March 16. Over the past five years, it’s averaged annualized returns of 4.4 percent, beating 65 percent of peers, according to data compiled by Bloomberg.
Reuters reported the changes earlier Thursday.