The position is new.
Based in Amsterdam, Mr. Lute works on such issues as asset allocation, implementation and management of investment portfolios, according to a BlackRock news release. He will report to Richard Urwin, managing director and head of fiduciary investments.
Mr. Lute was director of business development at specialist equity manager Cyrte Investments. Eric Bossman, Cyrte spokesman, could not be reached by press time for information about Mr. Lute's replacement.
Prior to joining Cyrte Investments in November 2010, Mr. Lute was managing director for alternative strategies at fiduciary manager PGGM, which is owned by the €116.2 billion ($145 billion) Pensioenfonds Zorg en Welzijn, Zeist, Netherlands.