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People News: BlackRock, UBS

For Hire

BlackRock hired Harvard Management’s Mark McKenna to start an event-driven hedge fund as the world’s largest asset manager seeks to expand its alternative-investment business.

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Top CEOs fall out of billionaires club

The 13% drop in U.S. stocks from their 2015 highs has not only messed with tens of thousands of working-class 401(k) accounts, but also knocked more than a dozen American executives from the billionaires’ club.