A director within BlackRock's fast-growing model portfolio investments team, Vishal Karir, has left the firm.
BlackRock’s model portfolio investments team is led by Kevin Holt, global head of model portfolio solutions, and has 27 people responsible for managing over $23 billion in assets. The unit is a part of the greater BlackRock Multi-Asset Strategies team.
In January, commenting on the firm's financial results for 2017, BlackRock chief executive Larry Fink said the firm’s focus on providing model solutions would further boost business in 2018.
‘We’re bringing in more flows working with more of the distribution platforms on providing model-based products and customizing it and in those cases much of the product flow in those model-based products would be flowing into our iShares products,’ Fink said.
Karir had been involved in development, management and distribution of the firm’s model portfolios. His responsibilities will largely be redistributed among the rest of the team, a spokesman said.
Across the Americas region, the team oversees 11 target allocation mutual fund and ETF model portfolios, 11 all-ETF Long Horizon portfolios and a range of target income portfolios. The portfolios invest in other BlackRock funds and ETFs and are typically available as separately managed accounts.
Karir had also been a manager on the $522.5 million BlackRock 60/40 Target Allocation fund, the $389.6 million BlackRock 40/60 Target Allocation fund, the $333.2 million BlackRock 80/20 Target Allocation fund, and the $310.0 million BlackRock 20/80 Target Allocation fund alongside Michael Gates.
Karir had been appointed to the target allocation funds in March 2016, when Russ Koesterich came off to focus on a new role as a manager on the $37.3 billion BlackRock Global Allocation fund alongside David Clayton, Kent Hogshire, Dennis Stattman and Citywire + rated Dan Chamby.
Stattman stepped off the fund in August 2017 and retired from the firm afterwards.
Karir joined BlackRock in 2009 as a business analyst after nine years at Morgan Stanley where he was most recently vice president of prime brokerage technology.