BlackRock names new fund portfolio management teams

By Devika Patel

Knoxville, Tenn., May 22 - BlackRock Inc. announced it has changed the portfolio management teams of several of its funds.

The BlackRock Income Trust, Inc. will now be managed by Eric Pellicciaro, Stuart Spodek and Andrew J. Phillips.

BlackRock Core Bond Trust is to be managed by Spodek, James E. Keenan and Kevin Booth. Keenan and Booth are current managers of the fund.

BlackRock Income Opportunity Trust, Inc. will be managed by Spodek, Keenan and Booth. Keenan and Booth are current managers of the fund.

The BlackRock Broad Investment Grade 2009 Term Trust, Inc. will now be managed by Spodek and Daniel Chen.

Finally, BlackRock Strategic Bond Trust is to be managed by Mark J. Williams, Chen, Keenan and Booth. Williams, Keenan and Booth are current managers of the fund.

Previous portfolio managers who are no longer part of the portfolio management teams continue to remain with the firm but have assumed other responsibilities at BlackRock.

Booth, a managing director, is co-head of the high yield team within BlackRock's fixed income portfolio management group and co-heads BlackRock's leveraged finance business. His primary responsibilities are managing portfolios and directing investment strategy. He specializes in hybrid high yield portfolios, consisting of leveraged bank loans, high yield bonds and distressed obligations. Booth joined BlackRock in 2006.

Chen, a director and portfolio manager, is a member of BlackRock's fixed income portfolio management group. He is a member of the corporate bond team, with a sector focus on consumer products, utilities, capital securities and banking. He has primary responsibility for managing credit-only portfolios as well as managing total return client portfolios. Chen joined the portfolio management group in 2002. He began his career at BlackRock in 1999 as an analyst in the portfolio analytics group.

Keenan, a managing director, is co-head of the high yield team within BlackRock's fixed income portfolio management group and co-heads BlackRock's leveraged finance business. His primary responsibilities are managing portfolios and directing investment strategy. Prior to joining BlackRock in 2004, Keenan was a senior high yield trader at Columbia Management Group.

Pellicciaro, a managing director and portfolio manager, is a member of the fixed income portfolio management group and the lead mortgage sector specialist. Pellicciaro's primary responsibility is managing client portfolios, with a sector emphasis on fixed-rate mortgage securities, including pass-throughs and CMOs. Pellicciaro started his career in the financial modeling group at BlackRock in 1996, and joined the fixed income portfolio management group in 1999.

Phillips, a managing director and portfolio manager, is co-head of United States' fixed income within BlackRock's fixed income portfolio management group and a member of the leadership committee. He is responsible for the consistent implementation of investment strategies across all total return accounts. He is chairman of the monthly account review meeting, which examines performance, compliance and operations for all client portfolios. Phillips is also a member of the mortgage securities team and previously served as the lead sector specialist before assuming his current responsibilities. Prior to joining BlackRock in 1991, Phillips was a portfolio manager at Metropolitan Life Insurance Co.

Spodek, a managing director and portfolio manager, is co-head of United States' fixed income within BlackRock's fixed income portfolio management group and a member of the leadership committee. He is responsible for managing fixed income portfolios, with a sector emphasis on global government bonds, derivative instruments and implementing yield curve strategy across global portfolios. Spodek joined BlackRock in 1993 as an analyst in BlackRock's portfolio management group and became a portfolio manager in 1995.

Williams, a managing director and portfolio manager, heads BlackRock's bank loan investment team within the fixed income portfolio management group and is co-head of BlackRock's leveraged finance business. He is a member of the firm's investment strategy group and the alternatives operating committee. Williams is also involved in the evaluation and sourcing of mezzanine investments and is a member of the investment committee for BlackRock Kelso Capital, the firm's business development company. Prior to joining BlackRock in 1998, Williams spent eight years with PNC Bank's New York office and was a founding member of the bank's leveraged finance group.

BlackRock is an investment management firm based in New York City.

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