BlackRock fixed-income managing director heads for academia
Michael Lustig, a managing director in BlackRock's fixed-income unit, will leave the firm at the end of the year to pursue a teaching career at Columbia Business School, spokeswoman Bobbie Collins confirmed. Steve Switzky, another managing director of the fixed-income group, left in early November, Ms. Collins said.
Also, Richard Shea, president of BlackRock's real estate debt company, Anthracite Capital, and Chris Milner, its managing director, will be seeking other opportunities, she said.
Ms. Collins said there will no replacements for any of the employees and did not provide details on the circumstances surrounding their departures.
“In these challenging markets, BlackRock continues to exercise financial discipline,” according to a statement from BlackRock provided by Ms. Collins. “In particular, we are focusing resources on key priorities while identifying ways to streamline processes and reduce expenses. This has included shifting some personnel, hiring select key talent, and in some instances eliminating positions consistent with client needs.”