BlackRock Inc. last week announced the departure of a key adviser to Chairman and CEO Laurence Fink as well as the impending retirement of one of the firm's founders.
Robert Capaldi, senior client strategist for Mr. Fink, left the firm on June 1, confirmed spokesman Brian Beades. Mr. Beades could not provide further information on Mr. Capaldi's departure or plans to replace him.
Mr. Capaldi had been a managing director and head of the U.S. institutional business until April 2011, when he took on the role as Mr. Fink's adviser.
An executive recruiter who declined to be identified said Mr. Capaldi is looking for another job.
Susan L. Wagner, vice chairman and founding partner, will retire effective June 30, confirmed spokeswoman Bobbie Collins. She will not be replaced.
Ms. Wagner was elected to the board of directors and will take her seat in October. She will continue to serve as director of DSP BlackRock Investment Managers, a joint venture in India.
The announcements follow the news earlier this month that Robert Doll, senior managing director and chief equity strategist, would be retiring. Mr. Doll will transfer his portfolio management responsibilities through the end of June but will continue to serve in an advisory capacity through the end of 2012, according to an internal memo.
Separately, BlackRock announced that Daniel Rice, who helped manage five energy and natural resource mutual funds for BlackRock, is retiring from the firm to avoid an appearance of a conflict of interest.
“BlackRock is committed to avoiding not only actual conflicts of interest, but even the appearance of a conflict,” Ms. Collins said last week in an e-mailed statement. “As we have worked through with Dan Rice how to best avoid any perception of conflict involving his family's energy company, Dan has decided to retire from BlackRock.”
Mr. Rice had been the lead manager for the $925 million BlackRock Energy & Resources Portfolio since it was created in 1990. He's also one of the founders of Rice Energy, a company with a subsidiary that has a joint venture with one of the mutual fund's top holdings, Alpha Natural Resources.
Morningstar Inc. placed the rating of the fund under review earlier this month.
Denis Walsh and Dan Neumann, who already serve as lead or co-manager of the five funds, will continue to manage them, Ms. Collins said. Mr. Rice will work with BlackRock on a transition of the institutional private funds he oversees, to be completed no later than December.
Bloomberg contributed to this story.