BlackRock's Chris Leavy, who’s been charged with improving the performance of the firm’s active stock funds, is taking medical leave starting today to treat his diabetes and a related cardiovascular condition.
Bloomberg reports that Leavy, the 42-year-old chief investment officer for BlackRock’s fundamental stock unit in the Americas, has been advised to pursue full-time treatment to address his health issues, which are treatable, before returning to work, said Brian Beades, a spokesman for the New York-based firm.
Quintin Price, who hired Leavy and is BlackRock’s global head of alpha strategies, will take over on an interim basis until Leavy returns, Beades said.
Since joining BlackRock in October 2010 from OppenheimerFunds, Leavy has replaced portfolio managers at strategies representing about 40% of the division’s $115bn under management. Last year, he added oversight of the large-capitalization stock funds previously led by former equity chief investment strategist Robert Doll. He’s hired portfolio managers including Bartlett Geer from Putnam Investments and UBS AG’s Lawrence Kemp.
In the meantime, Reuters reports that Barclays is aiming to recruit up to 700 technology staff in the next 18 months at a new centre in the United States that will develop applications for investment banking and consumer banking.
Barclays opened its technology hub in Dallas, Texas, on Thursday. It said it expects to have up to 700 staff there by the end of 2014, mostly new recruits but possibly including staff moved from other parts of the bank.
image: © Dick Johnson