BlackRock is hiring 12 veteran fixed-income investment professionals, including 10 from R3 Capital Management, after BlackRock entered into an agreement to assume management responsibility for that hedge fund firms $1.5 billion in multistrategy credit strategy assets, according to an internal BlackRock memo.
The 10 R3 veterans cited are among the most senior of more than 40 employees from the hedge fund firms offices in New York, London and Singapore that will join BlackRock, said Thor Valdmanis, a spokesman for R3.
Russell Brownback, Leland Hart, Michael Lipsky, Mike Phelps, John Stein, Josh Tarnow and Michael Weaver were named managing directors at BlackRock. They will be supervised by Rick Rieder, R3s president and CEO, who was named a BlackRock managing director and a leader of the firms alternatives fixed-income effort.
Two other R3 veterans, J. Richard Blewitt and Paul Tice, will join BlackRocks securitized assets group and its leveraged finance group, respectively, as managing directors, said Barbara Novick, a BlackRock vice chairman, in a telephone interview.
Also, Akiva Dickstein, a managing director at Merrill Lynch and head of its U.S. rates and structured credit research group, will join BlackRocks U.S. bond team as managing director, mortgage portfolios, focusing on top-down areas such as portfolio construction and asset allocation, Ms. Novick said.
Randy Robertson, a managing director at Wachovia Capital Markets and head of its residential mortgage and consumer group and co-head of residential CDOs, will join as managing director and co-head of BlackRocks securitized assets investment team.
Messrs. Dickstein and Robertson have already started working at BlackRock, while the R3 investment professionals will join the firm at the end of the month. Spokesmen at Merrill Lynch and Wachovia couldnt immediately be reached for comment. Calls to R3 were directed to Mr. Stein, who wasnt immediately available for comment.
All 12 positions are new. BlackRocks top fixed-income management team including Global CIO Scott Amero; Peter Fisher, co-head of the firms fixed-income portfolio management group, and Global COO Andy Phillips remains in place, Ms. Novick said.