BlackRock grabs SW team
New York-based asset managers BlackRock has hired Scottish Widows European equity investment team to strengthen its European equity group.
The team, led by Albert Morillo, will be joining the American firm this month. Morillo and his colleagues, Allan McKenzie, Kenneth Anderson, David Stanistreet and Richard Alexander, worked for Scottish Widows where they were responsible for managing £5bn (e7.9bn) in a variety of equity portfolio for institutional and individual clients worldwide.
“This team adds critical depth to our international equity business,” says Robert Kapito, BlackRock’s vice-chairman and head of portfolio management. He believes this move will be positive for the company’s clients and shareholders who “will benefit from the value we expect to create by growing our platform”.
BlackRock has more than £90bn assets under management and it is majority owned by PNC Bank Corp and by BlackRock’s employees. Its new European equity team will be based in Edinburgh.