Eric Rice will step down from his position as BlackRock's head of impact investing later this summer, a spokeswoman for firm confirmed on Thursday.
Sheetal Prasad, who currently serves as a co-portfolio manager for impact investing at BlackRock, will take over for Mr. Rice.
"Sheetal has been taking a larger role in leading the strategy, including managing the portfolios, overseeing the investment research analysts, as well as facing investors," said Carrie King, managing director and global deputy CIO of fundamental equities, in an internal memo. "This ensures a smooth transition, the continued development of the investment team and the integrity of the team philosophy and its investment process."
Mr. Rice is retiring after four years at the asset manager. He joined in 2019 after spending 22 years at Wellington Management, where he led the firm's impact investing. Prior to his tenure at Wellington Management, he was an economist for the World Bank and worked as a U.S. diplomat in Rwanda.
BlackRock had $9.09 trillion in assets under management as of March 31.