Sept 1 (Reuters) - Quintin Price, head of BlackRock’s Inc $944 billion alpha strategies group, which includes its fundamental actively managed fixed income and equity funds, is retiring next year, according to an internal memo viewed by Reuters.
Price will return to London where he will serve as a senior adviser to the firm through next summer and help oversee the transition of his responsibilities, according to the memo written by BlackRock President Rob Kapito.
BlackRock tapped 54-year old Price, who has been with the firm since 2005, to oversee its alpha strategies group in 2012 when it was formed. He has played a key role in overhauling BlackRock’s fundamental active equity business, which has been a focus at the firm over the past three years.
Since 2012, BlackRock has replaced five of its nine U.S. equity teams. Seventy-eight percent of its portfolios, including institutional accounts, have outperformed their peers or benchmarks over the past year, while 61 percent have over the past five years, according to the firm.
Price’s retirement was first reported by Financial News. (Reporting By Jessica Toonkel; Editing by Bernard Orr)