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Komfie Manalo, Opalesque Asia: Tim Webb has stepped down from managing BlackRock’s biggest hedge fund, Fixed Income GlobalAlpha Fund, which he had done for five years. A report by Bloomberg said that Webb is also relinquishing his posts as managing director and chief investment officer of the firm’s model-based fixed income group.
Webb will now focus on BlackRock’s international fixed-income business, which he will help lead together with Rick Rieder and Kevin Holt.
His deputy, Tom Parker, will now be the CIO for GlobalAlpha and the model-based unit.
GlobalAlpha, with $5.7bn in AuM, uses more than 50 models to invest in liquid instruments and strategies such as mortgages, corporate credit, currencies, emerging markets, interest rates and securitized assets. Since its inception in 2006, the fund has generated an annualized returns of 8.8%.
GlobalAlpha is part of BlackRock’s $31bn hedge fund business, which manages over a dozen hedge funds, the report added.
BlackRock named Ben Brodsky and Dave Horowitz as deputy CIOs of the hedge fund and the unit. Parker will continue to report to Webb, who will keep management oversight of the group.
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