announced that Daniel Rice
, who stepped down
earlier this week as co-manager of the $4.4 billion BlackRock Energy & Resources
fund, will leave the company at the end of the year.
The Wall Street Journal broke the news
yesterday, and Morningstar also took note
Rice stepped down after a WSJ
report revealed possible conflicts of interest between his family's investments and the portfolio he managed, which BlackRock
had not disclosed. Alpha Natural Resources
, one of the largest holdings in Rice's biggest fund, is part of a joint venture with his family firm, Rice Drilling. The fund's unrealized loss on Alpha Natural Resources is over $100 million, according to the WSJ
Denis J. Walsh III
and Dan Neumann
, who co-PMed BlackRock energy funds with Rice, have taken over Rice's portfolios. Rice plans to hand off the funds he manages for private institutional accounts to his co-managers by December.
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