Ralph Schlosstein, BlackRock president and a co-founder of the $1.2 trillion money management firm, is leaving to pursue entrepreneurial interests, according to a BlackRock statement issued this morning. Mr. Schlosstein is expected to launch his own money management firm next year, one that will specialize in alternative investment strategies, according to sources who asked not to be identified.
Mr. Schlosstein, who led the integration efforts behind the acquisitions of both Merrill Lynch Investment Managers and State Street Research, said in an interview that BlackRock is now in great shape following these deals, providing him the opportunity to leave the company and explore an entrepreneurial venture. He declined to elaborate on his plans.
Robert Kapito, vice chairman and head of portfolio management, is replacing Mr. Schlosstein as president, effective immediately. Mr. Schlosstein will remain at BlackRock as an adviser until early next year and work with Mr. Kapito on his transition to president.