Two top 'quant' researchers exit BlackRock as it revamps stock unit

NEW YORK (July 4): Two high-level quantitative researchers have left BlackRock Inc (BLK.N) as the world's largest asset manager embarks on an ambitious effort to engineer a high-tech revolution within its stockpicking business.

Michael Lemmon, a former University of Utah finance professor and a senior researcher within BlackRock's quantitative Scientific Active Equity unit, left for Citadel LLC, a spokeswoman for Ken Griffin's hedge fund confirmed.

Paddy McCrudden, a former Australia-based portfolio manager and mathematician who was most recently a senior strategist for BlackRock's quant unit in New York, also left the company, BlackRock confirmed.

---

Related Stories

• Hong Kong wealth managers' gloom spreads with drop in assets
• UK’s LGIM opens Singapore office to expand Asia presence
• 2023 for crypto: Deep freeze, recovery or rocket?

---