BlackRock Announces Portfolio Manager Changes to BlackRock Enhanced Capital & Income Fund, Inc.
BlackRock Advisors, LLC today announced changes to the portfolio management team of BlackRock Enhanced Capital & Income Fund, Inc. (NYSE: CII) (the “Fund”). Effective October 31, 2012, the Fund's portfolio management team now consists of Timothy Keefe, Thomas Bushey, Kyle McClements and Christopher Accettella. Biographies for each of the portfolio managers are set forth below.
Timothy Keefe, Managing Director, is a member of the Fundamental Equity platform within BlackRock's Portfolio Management Group. He is portfolio manager and head of the Flexible Equity team.
Prior to joining BlackRock in 2012, Mr. Keefe was a portfolio manager for Mayo Capital Partners, which he joined in 2008. Prior to joining Mayo Capital Partners, Mr. Keefe was a Senior Vice President, Chief Equity Officer and Member of Investment Policy Committee at John Hancock Funds, LLC. From 1996 to 2000, Keefe was the portfolio manager of John Hancock Large Cap Equity Fund and John Hancock Small Cap Intrinsic Value Fund. Mr. Keefe rejoined John Hancock in 2004 as the Chief Equity Officer, overseeing firm's equity investment professionals with $15 billion of assets under management. He once again acted as the lead portfolio manager for large-cap equity and small-cap equity strategies. From 2000 to 2004, Mr. Keefe was Partner and Portfolio Manager at Thomas Weisel Partners. Earlier in his career, he was a Vice President and Portfolio Manager at Federated Investors.
Thomas Bushey, Vice President, is an associate portfolio manager within BlackRock's Flexible Equity team.
Prior to joining BlackRock in 2012, Mr. Bushey was a Senior Analyst with Mayo Capital Partners managing $2.5 billion of assets. Mr. Bushey was responsible for sourcing and positioning public market investments. From 2008-2009, Mr. Bushey was a Senior Industrial Analyst with Millennium Management and member of the global industrial investment team for a long/short equity hedge fund with approximately $12.0 billion of assets under management. From 2007-2008, Mr. Bushey was a Senior Analyst with Tisbury Capital Management, a global multi strategy hedge fund with $3.0 billion of assets. From 2005-2007, Mr. Bushey was an Associate of HCI Equity Partners and member of the investment team for $1.5 billion of private equity funds focused on industrial products and services. Prior to 2005, Mr. Bushey was an Analyst with the investment banking division of Credit Suisse First Boston where he executed and analyzed mergers, acquisitions, leveraged buyouts, divestitures, takeover defenses, restructurings and debt and equity financing for corporate clients and financial sponsors.
Kyle G. McClements, CFA, Managing Director, is a member of the Fundamental Equity platform within BlackRock's Portfolio Management Group. He is a senior trader responsible for executing equity derivatives and options trades.
Mr. McClements' service with the firm dates back to 2004, including his years with State Street Research & Management (SSRM), which merged with BlackRock in 2005. At SSRM, Mr. McClements was a Vice President and senior derivatives strategist responsible for equity derivative strategy and trading in the Quantitative Equity Group. Prior to joining SSRM in 2004, Mr. McClements was a senior trader/analyst at Deutsche Asset Management, responsible for derivatives, equity program, technology and energy sectors, and foreign exchange trading. Mr. McClements began his career in 1994 as a derivatives analyst with Donaldson Lufkin & Jenrette responsible for pricing and performance analytics for the derivatives trading desk.
Christopher M. Accettella, Director, is a member of the Fundamental Equity platform within BlackRock's Portfolio Management Group. He is a trader responsible for executing equity derivatives and options trades.
Prior to joining BlackRock in 2005, Mr. Accettella was an institutional sales trader with American Technology Research. From 2001 to 2003, he was with Deutsche Asset Management where he was responsible for derivatives and program trading. Prior to that, he was a senior associate in the Pacific Basin Equity Group at Scudder Investments Singapore Limited. Mr. Accettella began his investment career in 1997 as a portfolio analyst in the European Equity group of Scudder Kemper Investments, Inc.
BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At September 30, 2012, BlackRock's AUM was $3.673 trillion. BlackRock offers products that span the risk spectrum to meet clients' needs, including active, enhanced and index strategies across markets and asset classes. Products are offered in a variety of structures including separate accounts, mutual funds, iShares® (exchange traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®. Headquartered in New York City, as of September 30, 2012, the firm has approximately 10,400 employees in 29 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit BlackRock's website at www.blackrock.com.
This press release, and other statements that BlackRock or the Fund may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Fund or BlackRock's future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions.
BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.
With respect to the Fund, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Fund or in the Fund's net asset value; (2) the relative and absolute investment performance of the Fund and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to the Fund or BlackRock, as applicable; (8) terrorist activities, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (9) BlackRock's ability to attract and retain highly talented professionals; (10) the impact of BlackRock electing to provide support to its products from time to time; and (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions.
Annual and Semi-Annual Reports and other regulatory filings of the Fund with the Securities and Exchange Commission (“SEC”) are accessible on the SEC's website at www.sec.gov and on BlackRock's website at www.blackrock.com, and may discuss these or other factors that affect the Fund. The information contained on BlackRock's website is not a part of this press release.
BlackRock Enhanced Capital & Income Fund, Inc.