BlackRock laid off roughly 10 investment professionals as part of an effort to streamline its operations, a spokeswoman confirmed.
Among those leaving are Tom Burke, manager of the $2.7 billion BlackRock Fundamental Growth fund and the $445 million BlackRock Global Growth fund, along with six analysts on his team, she said.
Others leaving the firm are Linda Zhang, co-manager of the $501 million BlackRock Asset Allocation fund; Jordan Schreiber, co-manager of the $337 million BlackRock Healthcare fund; and Jeff Gary, one of four managers on both the $862 million BlackRock High Income fund and the $1.4 billion BlackRock High Yield Bond fund; he will not be directly replaced.
The spokeswoman also confirmed that Delfina Perez, general manager of BlackRock's Spanish and Portuguese operations, is leaving the firm. Asked if Ms. Perez will be replaced, the spokeswoman said BlackRock is in the middle of reviewing its operational needs.
Jeffrey R. Lindsey and Edward P. Dowd, managers of the $200 million BlackRock Capital Appreciation fund, have taken over management of the Fundamental Growth fund, while Thomas P. Callan and Michael D. Carey, managers of the $74 million BlackRock Global Opportunities fund, will take over management of the Global Growth fund. Co-manager Philip Green will become the sole manager of the BlackRock Asset Allocation fund, while co-manager Robert C. Hodgson becomes sole manager of the BlackRock Healthcare fund.