BlackRock’s head of global fixed income, Tim Webb, is leaving the firm after 18 years and taking a step back from asset management.
His departure was announced to employees in a memo sent in early February by Rob Kapito, president of BlackRock, saying Webb had decided to focus on caring for his family in the UK and step back from the demands of leading a global investment function.
Webb had been head of BlackRock's $1.8 trillion global fixed income unit for two years after being appointed in January 2016 when the group reorganized its fixed income business so it came under centralized global oversight.
Since he was appointed to the role, the fixed income platform's assets have grown by 30% and today generates over $2 billion in annual revenues.
During his 18 years at the firm, he helped grow its systematic fixed income business and led the development of its European and Asia fixed income platforms.
His responsibilities have been passed on to Rich Kushel, global head of the multi-asset strategies and global fixed income groups. The firm hasn't set a specific end date for Webb but said he will 'work for the necessary time' alongside Kushel to help ensure a smooth transition.
Kushel has been with the firm for 27 years and has held a variety of leadership positions on various investment teams and businesses.
According to the memo, there are no further changes expected within its fixed income portfolio manager and chief investment officer (CIO) teams as result of Webb's departure.
‘He [Kushel] will work with Tim, Rick Rieder, and the rest of the global fixed income leadership team to ensure a smooth transition,’ it said in the memo.
‘Tim’s commitment to investment performance, his excellence in scaling global operations through establishing and empowering a strong leadership team, and his passion for nurturing a culture of inclusion and partnership truly embody the best of BlackRock.’