BlackRock Advisors, LLC today announced changes to the portfolio
management teams of BlackRock Credit Allocation Income Trust I,
Inc. (NYSE:PSW), BlackRock Credit Allocation Income Trust II, Inc.
(NYSE:PSY), BlackRock Credit Allocation Income Trust III (NYSE:BPP)
and BlackRock Credit Allocation Income Trust IV (NYSE:BTZ) (the
“Funds).
Effective June 1, 2011, the Funds’ portfolio management teams
now consist of Jeffrey Cucunato, Mitchell S. Garfin, CFA and
Stephan Bassas. Biographies for each of the portfolio managers are
set forth below.
Jeffrey Cucunato, Managing Director, is a member of the
Corporate Credit Group within BlackRock's Fundamental Fixed Income
portfolio management group. He is the lead portfolio manager on the
Investment Grade Credit/Long Duration Portfolio Team. Mr. Cucunato
is also the head of US Investment Grade Credit Investments.
Mr. Cucunato has held several key roles at BlackRock. Prior to
joining the corporate bond team, Mr. Cucunato focused on interest
rate products, including government and agency securities. He was
also involved in the day-to-day management of BlackRock's
inflation-linked bond portfolios. He began his career at BlackRock
in 1995 as an analyst in the Global Client Group, working with
international clients and alternative investments, and became a
portfolio manager in 1997.
Mr. Cucunato earned a BA degree, cum laude, in history from
Dartmouth College in 1995.
Mitchell S. Garfin, CFA, Managing Director, is a member
of the Corporate Credit Group within BlackRock Fundamental Fixed
Income. He is a portfolio manager on the Leveraged Finance
Portfolio Team.
Mr. Garfin joined BlackRock in 1997 as an analyst in the Account
Management Group working with taxable financial institutional
clients. He joined the Portfolio Management Group in 2000 as a
credit research analyst and in 2005 moved to portfolio management.
Mr. Garfin moved to his current role in 2007.
Mr. Garfin earned a BBA degree, with distinction, in finance
from the University of Michigan in 1997, and an MBA degree in
finance and economics from New York University's Stern School of
Business in 2005.
Stephan Bassas, Director, is a member of the Corporate
Credit Group within BlackRock's Fundamental Fixed Income portfolio
management group. He is a portfolio manager on the Investment Grade
Credit/Long Duration Portfolio Team.
Mr. Bassas' service with the firm dates back to 2000, including
his years with Merrill Lynch Investment Managers (“MLIM”), which
merged with BlackRock in 2006. At MLIM, Mr. Bassas managed European
corporate bond portfolios. Prior to joining MLIM in 2000, Mr.
Bassas worked as a portfolio manager and asset swap proprietary
trader for Paribas Asset Management and Paribas Capital Markets in
Luxembourg and London.
Mr. Bassas earned an MBA degree from the University of Lyon,
France in 1993 and attended the Investment Management Program at
the London Business School in 2000.
About BlackRock
BlackRock is a leader in investment management, risk management
and advisory services for institutional and retail clients
worldwide. At March 31, 2011, BlackRock’s assets under management
were $3.648 trillion. BlackRock offers products that span the risk
spectrum to meet clients’ needs, including active, enhanced and
index strategies across markets and asset classes. Products are
offered in a variety of structures including separate accounts,
mutual funds, iShares® (exchange-traded funds), and other pooled
investment vehicles. BlackRock also offers risk management,
advisory and enterprise investment system services to a broad base
of institutional investors through BlackRock Solutions®.
Headquartered in New York City, as of March 31, 2011, the firm has
approximately 9,300 employees in 26 countries and a major presence
in key global markets, including North and South America, Europe,
Asia, Australia and the Middle East and Africa. For additional
information, please visit the firm’s website at
www.blackrock.com.
Forward-Looking Statements
This press release, and other statements that BlackRock may
make, may contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act, with respect to
BlackRock’s future financial or business performance, strategies or
expectations. Forward-looking statements are typically identified
by words or phrases such as “trend,” “potential,” “opportunity,”
“pipeline,” “believe,” “comfortable,” “expect,” “anticipate,”
“current,” “intention,” “estimate,” “position,” “assume,”
“outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,”
“achieve,” and similar expressions, or future or conditional verbs
such as “will,” “would,” “should,” “could,” “may” or similar
expressions.
BlackRock cautions that forward-looking statements are subject
to numerous assumptions, risks and uncertainties, which change over
time. Forward-looking statements speak only as of the date they are
made, and BlackRock assumes no duty to and does not undertake to
update forward-looking statements. Actual results could differ
materially from those anticipated in forward-looking statements and
future results could differ materially from historical
performance.
With respect to the Funds, the following factors, among others,
could cause actual events to differ materially from forward-looking
statements or historical performance: (1) changes and volatility in
political, economic or industry conditions, the interest rate
environment, foreign exchange rates or financial and capital
markets, which could result in changes in demand for the Funds or
in the Funds’ net asset value; (2) the relative and absolute
investment performance of the Funds and their investments; (3) the
impact of increased competition; (4) the unfavorable resolution of
any legal proceedings; (5) the extent and timing of any
distributions or share repurchases; (6) the impact, extent and
timing of technological changes; (7) the impact of legislative and
regulatory actions and reforms, including the recently approved
Dodd-Frank Wall Street Reform and Consumer Protection Act, and
regulatory, supervisory or enforcement actions of government
agencies relating to the Funds or BlackRock, as applicable; (8)
terrorist activities, international hostilities and natural
disasters, which may adversely affect the general economy, domestic
and local financial and capital markets, specific industries or
BlackRock; (9) BlackRock’s ability to attract and retain highly
talented professionals; (10) BlackRock’s success in maintaining
secondary market support for the Funds; (11) the impact of
BlackRock electing to provide support to its products from time to
time; (12) the impact of problems at other financial institutions
or the failure or negative performance of products at other
financial institutions; and (13) the ability of BlackRock to
integrate the operations of Barclays Global Investors.
The Annual and Semi-Annual Reports and other regulatory filings
of the Funds with the Securities and Exchange Commission (“SEC”)
are accessible on the SEC's website at www.sec.gov and on
BlackRock’s website at www.blackrock.com, and may discuss
these or other factors that affect the Funds. The information
contained on BlackRock’s website is not a part of this press
release.
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