Restructuring BlackRock’s “high conviction” funds is among a series of confirmed changes to the global investment manager’s Australian equities business. BlackRock has confirmed plans to “reposition” its fundamental equities business in Australia following an internal review. The new strategy — which purportedly aims to align the firm’s offering with evolving customer expectations — involves an overhaul of the BlackRock High Conviction Australian Equity Fund.
This includes the closure of the BlackRock High Conviction Australian Long Short Fund and the BlackRock High Conviction Australian Future Companies Fund. To facilitate the transition, BlackRock has entered into a binding memorandum of understanding (MOU) with ASX-listed Pendal Group — recently acquired by Perpetual Limited. Pendal Group has been tasked with working alongside BlackRock’s global manager research function within Multi-Asset Strategies and Solutions (MASS) to align the BlackRock High Conviction Australian Equity Fund with its “Focus” strategy.
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