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Rating:BlackRock Targets Private Client Biz Not Rated 3.0 Email Routing List Email & Route  Print Print
Thursday, November 07, 2002

BlackRock Targets Private Client Biz

by: Ki Kim

BlackRock has hired Richard Duff, Michael Hogan, Harold Clemons and Sharon Highland in a bid to build out its private-client distribution capabilities. The team, who previously worked at PIMCO Allianz Investments, or Nicholas Applegate, has extensive experience in the areas of wholesale marketing and servicing of mutual funds and managed accounts for individuals.

The four will join BlackRock's Private Client Group, which is led by Anne Ackerley, to fill newly-created positions. They will help the firm expand into the managed account, RIA and financial planner channels.

"Over time, BlackRock has invested to build exceptional, institutional quality investment management capabilities," said Laurence D. Fink, chairman and CEO of BlackRock. "Today's announcement demonstrates our commitment to making equally important investments in expanding our Private Client business."

Duff will serve as the head of Private Client Distribution and will be responsible for expanding the firm's wholesale distribution. He will also manage internal and external wholesalers who offer the BlackRock Funds family, closed-end funds and managed accounts through broker-dealers, RIAs and financial planners. He was previously the national sales manager at Nicholas Applegate and, most recently, a managing director with Forward Management.

Hogan and Clemons will work with Duff and focus on expanding the firm's relationships with national and regional broker dealers, they both previously served as senior sales management professionals at PIMCO Allianz and its affiliate, Nicholas Applegate. Highland was a senior vice president and director of Managed Account Investment Operations at PIMCO Allianz. She will be director of Products and Operations. A spokesman for PIMCO said Hogan, Clemons and Highland will not be replaced.

"These additions to our team and the recently announced expense reductions in the Investor Classes of four of our bond funds are clear evidence that delivering BlackRock's world class institutional asset management capabilities at a personal level is a key priority for the firm," said Ackerley. 

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