Russ Koesterich will join BlackRock's global allocation team as head of asset allocation, said a memo provided by the firm.
The position is new.
Mr. Koesterich will be working alongside the $47 billion Global Allocation Fund's portfolio managers to guide the fund's macro-level portfolio allocations by developing and employing systematic strategies. The fund will continue to be led by portfolio managers Dennis Stattman, Dan Chamby and Aldo Roldan.
Mr. Koesterich was global chief investment strategist for BlackRock. His responsibilities have been assumed by Richard Turnill, who was named global chief investment strategist for BlackRock Investment Institute in January, a spokeswoman said.