BlackRock Seeks to Lean More on AI in Equities Business as DeSpirito Departs

BlackRock Inc.’s Tony DeSpirito, global chief investment officer of fundamental equities, is leaving the firm along with three other employees in that group as the asset manager shakes up its actively managed stock funds.

The world’s largest asset manager also plans to lean more on artificial intelligence, scale, research and technology to generate returns, BlackRock told employees in a memo Wednesday.