Suzanne Ly will become a portfolio manager on two BlackRock carbon-transition exchange-traded funds, replacing Eric Van Nostrand, showed filings with the Securities and Exchange Commission on Aug. 5.
Mr. Van Nostrand, a managing director and head of research for sustainable investments and multiasset strategies, plans to leave BlackRock on Wednesday, a BlackRock spokesman confirmed Monday. Mr. Van Nostrand joined BlackRock in 2016, the spokesman said.
Before joining BlackRock, Mr. Van Nostrand was a staff economist and adviser to the chairman of the White House Council of Economic Advisers, according to BlackRock's website.
Effective Wednesday, Ms. Ly will become jointly and primarily responsible with Jonathan Adams for the day-to-day management of the BlackRock U.S. Carbon Transition Readiness ETF and the BlackRock World ex U.S. Carbon Transition Readiness ETF, according to the SEC filings. Mr. Adams has been a portfolio manager for each fund since March 2021 and has been with BlackRock since 2011, the filings said.
Ms. Ly, a director on the multiasset core portfolio management team at BlackRock, will retain her title, the spokesman said. She joined BlackRock in 2019 and has nearly two decades of investment experience, he said.
The BlackRock U.S. Carbon Transition Readiness ETF had net assets of $1.4 billion as of Aug. 5, while the BlackRock World ex U.S. Carbon Transition Readiness ETF had $432 million in net assets, according to BlackRock's website.
"There is no change in investment process, strategy or objective for LCTU and LCTD," the spokesman said, referring to the funds by their ticker symbols.
BlackRock had $8.49 trillion in assets under management as of June 30.
