MONEY MANAGEMENT

BlackRock’s global allocation funds leader to retire

Dennis Stattman, a managing director at BlackRock (BLK) and portfolio manager leading the $40 billion global allocation funds, plans to retire in August, according to an internal memo obtained by Pensions & Investments.

The global allocation funds will continue to be managed by Mr. Stattman’s portfolio management team, which consists of Dan Chamby, Russ Koesterich, David Clayton and Kent Hogshire. After Mr. Stattman retires, he will continue to be an adviser to BlackRock’s multiasset strategies group, which oversees the fund.

BlackRock had $5.42 trillion in assets under management as of March 31.