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May 21, 2018

BlackRock Asia Pacific investment stewardship head to step down

American money manager BlackRock has announced that its Asia Pacific investment stewardship team head Pru Bennett will step down in January next year.

The investment management firm has initiated the process to select Bennett’s successor.

The move was announced at a time when the company is planning to increase its investment stewardship team in the following three years, reported Reuters.

Currently, the team comprises of 30 employees, nearly ten of whom are based in the Asia Pacific region.

Bennett was associated with BlackRock since 2010. The announcement did not reveal any further details about Bennett’s future plans.

BlackRock investment stewardship global head Michelle Edkins was quoted by the news agency as saying that in the past few years the firm has adjusted its stewardship approach beyond voting at shareholder meetings in order to concentrate on constructive engagement with companies, to cater to the increasing expectations from clients and the companies.

Earlier this month, BlackRock announced to divest its 40% stake in DSP BlackRock Investment Managers to its joint venture partner The DSP Group for an undisclosed amount.

The sale, subject to customary closing conditions and regulatory approval, will mark BlackRock’s exit from the Indian mutual fund market.

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