BlackRock Hires Former Credit Suisse Banker to Lead Credit Push
March 08 2017 - 8:11PM
Dow Jones News
By Sarah Krouse
BlackRock Inc. hired the former chief of Credit Suisse Group
AG's global-markets business as part of a plan to boost
credit-investing at the world's largest money manager.
Timothy O'Hara is expected to join New York-based BlackRock in
April as co-head of global credit, according to an internal memo.
Mr. O'Hara will work alongside current global head of fundamental
credit Jim Keenan.
BlackRock President Robert Kapito highlighted a "low-yield
world" in his memo to staff announcing the appointments.
A prolonged period of ultralow bond yields globally has
squelched returns for many investors, causing some to seek more
esoteric or less-liquid asset classes like credit that can offer
higher returns.
BlackRock's credit team currently manages $155 billion that
invests across investment grade fixed income, private credit and
leveraged loans. BlackRock, with $5.1 trillion in assets, got its
start in fixed-income investing, but has tried to become more
aggressive in credit.
Mr. Kapito called Mr. O'Hara "one of the best credit investors
in the business" and pointed to Mr. O'Hara's experience "scaling
businesses" at Credit Suisse.
Mr. O'Hara left the Swiss bank late last year after 30 years as
part of continuing restructuring efforts. Before his role at the
helm of the bank's global-markets unit, he held roles including
head of U.S. high yield capital markets and head of global credit
products.
Messers O'Hara and Keenan will report to Mark McCombe, head of
the Americas and global head of BlackRock Alternative Investors.
Mr. Keenan will focus on investing, while Mr. O'Hara will focus on
running the business, the memo said.
Write to Sarah Krouse at sarah.krouse@wsj.com
(END) Dow Jones Newswires
March 08, 2017 19:56 ET (00:56 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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