BlackRock's Paul Ebner to Leave $1.6 Billion Long/Short Fundby
Ebner said to be joining Canada Pension Plan Investment Board
Savi, Franklin to keep roles running the BlackRock mutual fund
Paul Ebner, a senior portfolio manager who helped run BlackRock Inc.’s $1.6 billion mutual fund that bets on and against stocks, is leaving the firm.
The BlackRock Global Long/Short Equity Fund, which Ebner helped run since its inception in December 2012, no longer lists him as one of its managers, according to an April 22 regulatory filing. He will exit this month, confirmed BlackRock spokesman Ed Sweeney.
Ebner, who referred a call for comment to Sweeney, is joining Canada Pension Plan Investment Board as a senior portfolio manager on the quantitative team, according to a person briefed on the matter. Dan Madge, a spokesman for the CPPIB, didn’t immediately have a comment.
Ebner was part of BlackRock’s quant team, called scientific active equity, where he focused on global equity market-neutral strategies. That team has undergone recent changes. The group’s head, Ken Kroner, will retire later this year, according to a memo provided by the firm in January. As part of a reorganization, BlackRock said in the same memo that it would combine the group with the fundamental equity business, creating a new platform that would be managed by Raffaele Savi, Jeff Shen, Chris Jones and Nigel Bolton.
Savi and Kevin Franklin will remain as managers for BlackRock’s long/short fund. The retail class shares of the fund have fallen 4.9 percent this year after a decline of less than 1 percent in 2015.
Formerly an associate at Barclays Global Investors, Ebner became part of BlackRock when it purchased the Barclays unit in 2009. He reported to Franklin.
“We thank Paul for his efforts to help grow the Global Long/Short Equity Fund and wish him well in his new role,” Sweeney said. “We are confident that Raffaele, Kevin and the other 100 employees in our scientific active equity team will continue to find innovative sources of alpha for our clients.”
The scientific active equity team manages more than $70 billion, including $9 billion in absolute return strategies.