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’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.’