BlackRock bond chief stepping down
By Rick Baert | February 14, 2013 6:06 pm
Peter R. Fisher, senior managing director and head of fixed income at BlackRock (BLK), is stepping down to join the BlackRock Investment Institute as senior director, according to a staff memo from Chairman and CEO Laurence Fink obtained by Pensions & Investments.
Mr. Fisher's move is part of a restructuring of BlackRock's fixed-income business begun a year ago, BlackRock spokesman Brian Beades said.
Mr. Fisher will not be directly replaced.
Rick Rieder, managing director and chief investment officer for fundamental fixed income, and Kevin Holt, managing director, will retain their roles and also become co-heads of Americas fixed income. Mr. Holt will take on business management responsibilities for Americas fixed income, and Mr. Rieder will lead “the investment side of the business” and oversee performance, according to the memo.
Tim Webb will continue to lead European and Asia-Pacific fixed income and will remain CIO of global alpha, while Peter Hayes will continue to run tax-exempt fixed income.
Messrs. Rieder, Holt and Webb will report to Quintin Price, senior managing director and global head of alpha strategies. Mr. Hayes will report to Mr. Holt.
In Mr. Fisher's new role, Mr. Fink wrote, he will “advance the institute's mission of generating unique and unbiased insights into the global financial markets, working closely with the institute's executive director, Lee Kempler, and chief investment strategist, Ewen Cameron Watt.”
Mr. Fisher had led BlackRock's fixed income business since 2010, when he took sole responsibility for the business. He had previously been co-head of fixed income with Scott Amero, who retired that year.
Mr. Fisher joined BlackRock in 2004 and was chairman of BlackRock Asia from 2005 to 2007, according to BlackRock's website.