BlackRock's head of European fundamental credit, Michael Phelps, is leaving after eight years with the US firm.
Phelps will step down from his role and exit the firm, effective December 31 2017.
He oversees $30 billion in European credits assets and is a named manager on funds totaling $7 billion, according to a BlackRock spokesperson.
Phelps runs three Ucits funds and the firm has taken steps to add managers to these funds in anticipation of his departure.
Stephen Gough has been added to the BGF European High Yield fund, the BGF Global High Yield fund and the BSF European Credit Strategies. Jose Aguilar has also been appointed as a manager on the European Credit fund.
He also currently runs the $4 billion US-domiciled BlackRock Global Long/Short Credit fund. The firm has added Aguilar, Gough, and Carly Wilson to the global long/short fund, where they have joined Joshua Tarnow and Phelps until the latter's departure.
Phelps joined BlackRock in 2009 a R3 Capital Partners where he was head of its European business. Prior to R3, he was head of global principal strategies at Lehman Brothers.
‘We are grateful to Michael for his many contributions over the years, including the work he has done to build a strong team and foundation to carry European Credit into the future as part of a global platform,’ said a BlackRock spokesperson.