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BlackRock energy guru joins Boston hedge fund for expected $400m fund launch

Tuesday, January 08, 2013
Opalesque Industry Update - GRT Capital Partners, LLC, a privately held asset management firm, today announced that Daniel J. Rice III, former co-manager of BlackRock’s $900 million Energy & Resources Fund, has joined the firm’s Energy division. Mr. Rice is expected to start with more than $400mm in institutional client assets. He will manage long-only and long/short assets for private investment funds and separately managed accounts for institutional clients, and will be named Lead Portfolio Manager for the GRT Energy strategy.

Mr. Rice came to GRT from BlackRock Inc, (BLK) where he was a Managing Director and jointly and primarily responsible for the day to day management of the BlackRock Energy & Resources Fund, with assets of over $900 million as of September 30, 2012. At BlackRock, Mr. Rice was also responsible for the management of other pooled investment vehicles and accounts with an aggregate value of more than $2.5 billion.

“We couldn’t be more excited,” said Tim Krochuk, one of the founding partners at GRT. “Dan will make a wonderful addition to our existing team of 10 experienced managers. GRT was built by placing proven talent, like Dan Rice, into an advanced trading and compliance platform that enables them to focus 100% on picking stocks. Everyone at GRT is able to concentrate on what they do best—and we believe Dan will thrive in this environment.”

Mr. Rice has been a well known and successful investor in this space for over 30 years. “I am very excited to be joining the talented group of investors at GRT. My goal now is to focus on making the most of the opportunities in energy markets to benefit our clients,” said Mr. Rice. “The industry has weathered last year’s “Black Swan” winter, and energy stocks are poised to begin reflecting improved fundamentals.”

In order to help ensure continuity in this transition, John DeMarco, formerly a lead trader for Mr. Rice at BlackRock, will be the lead trader for Mr. Rice at GRT. Mr. DeMarco joined the trading desk at GRT Capital in November.

(press release)

About Daniel J. Rice, III
Mr. Rice came to GRT from BlackRock, where he was a Managing Director and was jointly and primarily responsible for the day to day management of the BlackRock Energy & Resources Fund, with assets of over $900 million as of September 30, 2012. At BlackRock, Inc., Mr. Rice was also responsible for the management of other pooled investment vehicles and accounts with an aggregate value of more than $2.5 billion.

Mr. Rice has managed energy portfolios since 1984, including his years at State Street Research & Management which merged with BlackRock in 2005. Prior to joining SSRM, Mr. Rice was a Vice President and Portfolio Manager with Fred Alger Management. Earlier in his career, Mr. Rice was a Vice President and Analyst with EF Hutton and an Analyst with Loomis Sayles and Co. He began his career in 1975 as an Auditor with Price Waterhouse & Co. Mr. Rice earned a BS degree from Bates College and an MBA degree from New York University. He is regularly quoted in the media, including the Wall Street Journal, Barrons, Bloomberg, and CNBC.

About GRT Capital Partners, LLC
GRT Capital Partners, headquartered in Boston, MA was formed in 2001 by Rudy Kluiber (formerly with State Street Management and Research), Greg Fraser and Tim Krochuk (both formerly with Fidelity Investments.) The firm provides active equity management through the use of time-tested strategies for a diversified investor base.

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