has filed with the SEC
to rename and change the strategy of its Global Dynamic Equity Fund
. It will be renamed the BlackRock Long-Horizon Equity Fund
, and BlackRock's global equity team will replace the global allocation team as manager of the fund.
A BlackRock spokeswoman told MFWire
that the change "reflects our firmís desire to expand its lineup of unconstrained equity products, which has been an area of strong investor demand for us.Ē The money manager made a similar move earlier this summer, when it renamed the BlackRock Mid-Cap Value Equity Portfolio
the Flexible Equity Fund
and repositioned it to invest in a wider range of equities.
The Global Dynamic Equity Fund currently holds $663 million and was given three stars by Morningstar. The fund is up 8.45 percent on the year, outpacing 60 percent of its peers, according to Morningstar
The PM team running the fund will be Richard Turnill
, James Bristow
, and Stuart Reeve
, BlackRock's global equity team. The global allocation, team made up of Dennis Stattman
, Dan Chamby
, and Aldo Roldan
, currently manages the fund. The BlackRock spokeswoman said that this management group would remain intact following these changes.
Turnhill's PM team also manages the $1.1 billion BlackRock Global Dividend Income Fund
and the $695 million BlackRock International
The changes to the fund go into effect on October 15.
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