MONEY MANAGEMENT

BlackRock managing director to depart

Bob Shearer, a managing director at BlackRock (BLK) and co-lead portfolio manager for the $37 billion Equity Dividend Fund and lead portfolio manager for the $346 million Natural Resources Fund, is leaving the company, said a memo obtained by Pensions & Investments.

Once Mr. Shearer leaves the company later this year, Tony DeSpirito, managing director and the other co-portfolio manager of the Equity Dividend Fund, will take sole responsibility for the team. The firm will be redistributing Mr. Shearer’s other responsibilities “in the coming months,” the memo said.

The memo did not specify when Mr. Shearer is leaving or where he is going.

Representatives from BlackRock could not be immediately reached for comment by press time.