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Share Name | Share Symbol | Market | Type |
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BlackRock Inc | NYSE:BLK | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-3.87 | -0.52% | 747.7061 | 761.0574 | 748.78 | 758.16 | 632,495 | 00:28:21 |
By Sarah Krouse
BlackRock Inc. hired the former chief of Credit Suisse Group AG's global-markets business as part of a plan to boost credit-investing at the world's largest money manager.
Timothy O'Hara is expected to join New York-based BlackRock in April as co-head of global credit, according to an internal memo. Mr. O'Hara will work alongside current global head of fundamental credit Jim Keenan.
BlackRock President Robert Kapito highlighted a "low-yield world" in his memo to staff announcing the appointments.
A prolonged period of ultralow bond yields globally has squelched returns for many investors, causing some to seek more esoteric or less-liquid asset classes like credit that can offer higher returns.
BlackRock's credit team currently manages $155 billion that invests across investment grade fixed income, private credit and leveraged loans. BlackRock, with $5.1 trillion in assets, got its start in fixed-income investing, but has tried to become more aggressive in credit.
Mr. Kapito called Mr. O'Hara "one of the best credit investors in the business" and pointed to Mr. O'Hara's experience "scaling businesses" at Credit Suisse.
Mr. O'Hara left the Swiss bank late last year after 30 years as part of continuing restructuring efforts. Before his role at the helm of the bank's global-markets unit, he held roles including head of U.S. high yield capital markets and head of global credit products.
Messers O'Hara and Keenan will report to Mark McCombe, head of the Americas and global head of BlackRock Alternative Investors. Mr. Keenan will focus on investing, while Mr. O'Hara will focus on running the business, the memo said.
Write to Sarah Krouse at sarah.krouse@wsj.com
(END) Dow Jones Newswires
March 08, 2017 19:56 ET (00:56 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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