BlackRock hires Knapp from Barclays

|By:, SA News Editor

Boosting its active bond fund unit ahead of what may be a new interest rate regime (rate hikes), BlackRock (BLK -0.2%) hires Barry Knapp to oversee a new strategies team.

Knapp will come over from Barclays (he's expected to make the switch later this year), where he was head of U.S. equity portfolio strategy. His group at BlackRock will focus on major structural themes, identify investing opportunities, and figure out how to profit, according to an internal memo.

“Having somebody with his experience in this type of environment where rates are expected to be on the rise certainly doesn’t hurt,” says a money manager. “He brings a line of thinking that can certainly fit in, and he might also bring in a different perspective.”