BlackRock Co-Founder to Step Down

Christopher Owen

7 September 2007

Ralph Schlosstein, co-founder, president and director of New York-based asset manager of BlackRock, is to step down after nearly 20 years with the firm. Robert Kapito, currently vice chairman and director, will assume the role of president immediately, although Mr Schlosstein will remain with BlackRock until early 2008 to assist with the transition. Mr Kapito is also head of portfolio management and a member of the BlackRock executive and management committees, as well as president of several of the firm’s closed-end investment companies. He will report to chief executive Laurence Fink. Mr Fink said in a statement that he does not anticipate BlackRock “missing a beat” due to the changeover. BlackRock was created in 1988 with capital from buyout firm Blackstone Group and, as of 30 June this year, has $1.23 trillion in assets under management. In June, Blackrock announced it was acquiring the funds of funds division of Quellos Group for up to $1.7 million in cash and stock. The deal, set to close in October, will create a funds of funds operation with more than $25.4 billion in managed assets. Last October, the firm completed a merger with Merrill Lynch's investment management arm.