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Value veteran joins BlackRock’s equity income team

Value veteran joins BlackRock’s equity income team

BlackRock has hired Tony DeSpirito as co-head of its equity dividend team.

DeSpirito previously spent 18 years at value specialist Pzena Investment Management as portfolio manager, managing principal and a member of the firm’s executive committee.

He ran the Vanguard US Fundamental Value fund, which has returned 41.2% over the past three years compared with an average of 40% from the North America Equity sector.

At BlackRock DeSpirito will be a managing director and will co-manage the group’s equity dividend team with Bob Shearer, which oversees £29 billion of assets in total.

DeSpirito has additionally been named co-manager of the £112 million BlackRock North American Income trust alongside Shearer and Kathleen Anderson.

‘DeSpirito’s appointment reflects BlackRock’s commitment to investment excellence and to investing in its portfolio management teams,’ said a company spokesperson.

‘The depth and breadth of his experience will be an asset to BlackRock’s investors and to the team.’

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