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Ex-UBS man Kemp joins BlackRock to bolster ‘disappointing' large cap arm
by Emma Dunkley on Nov 23, 2012 at 07:23
Kemp, who joins on 10 December in the US, is set to assume leadership of the BlackRock Capital Appreciation, BlackRock Focus Growth and related fundamental large cap growth portfolios, at the start of next year.
Jeff Lindsey, who heads the team at present and is portfolio manager for the funds, will assist Kemp on transitioning the portfolios before leaving the firm next February.
BlackRock’s chief executive officer Laurence Fink said recently that fundamental equity has been a disappointment over the last few months for the firm, according to Reuters.
‘Our performance issues are concentrated in a handful of teams, mostly in the United States,’ Fink said.
Kemp will report to Chris Leavy, who assumed responsibility for BlackRock’s large-cap portfolios from Robert Doll, the equity chief investment strategist who announced his departure from the firm earlier in the year.
He had delivered 36% on the fund over three years to 12 November, versus a 40.9% gain in the benchmark.
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