BlackRock Announces Investment Policy and Portfolio Manager Changes to BlackRock Global Equity Income Trust
February 06 2009 - 9:03PM
Business Wire
BlackRock announced today the Board of Trustees of BlackRock
Global Equity Income Trust (NYSE:BFD) (the �Trust�) approved a
change to certain investment policies of the Trust. In connection
with the policy change, BlackRock announced changes to the Trust�s
portfolio management team.
The Trust has previously employed a non-fundamental investment
policy of, under normal market conditions, investing at least 80%
of its total assets in a combination of (i) dividend-paying
domestic and foreign common stocks and (ii) common stocks the value
of which is subject to covered written index call options. In
connection with the portfolio restructuring, this non-fundamental
policy will be revised to allow the Trust to, under normal market
conditions, invest at least 80% of its total assets in equity
securities of companies located in countries throughout the world
or options on equity securities or indices of equity securities.
The Trust�s new non-fundamental policy will not emphasize
dividend-paying stocks or index call options.
As disclosed in its prospectus, the Trust is required to provide
shareholders 60 days notice of a change to this non-fundamental
policy. The Trust will be sending a notice to each of its
shareholders regarding the new investment policy. Following this
notification to shareholders, BlackRock will begin to implement
this change subsequent to the completion of the notice period. Even
after the new policy is implemented, the Trust will continue to be
managed in accordance with its investment objective to primarily
seek current income and current gains, with a secondary objective
of long-term capital appreciation. No action is required by
shareholders of the Trust in connection with this change.
Effective February 2, 2009, Debra Jelilian and Kyle McClements
assumed primary responsibility for the Trust until the completion
of the 60 day notice period. Ms. Jelilian was already an integral
part of the Trust�s portfolio management team and will oversee the
Trust�s equity allocation. Mr. McClements will oversee the Trust�s
options strategy. The previous portfolio manager, Jonathan Clark,
is transitioning to become Head of Equity Trading for the Americas
at BlackRock, and will no longer be part of the portfolio
management team. Subsequent to the completion of the notice period,
oversight for the portfolio will be transitioned to a new portfolio
management team, comprised of Thomas Callan, Michael Carey, Jean
Rosenbaum and Mr. McClements. The new portfolio management team
currently manages several closed-end funds, including two global
equity funds, BlackRock Global Opportunities Equity Trust
(NYSE:BOE) and BlackRock World Investment Trust (NYSE:BWC), which
utilize similar investment policies to the revised policies
announced herein with respect to the Trust.
BlackRock also announced today the Board�s approval of the
reorganizations of each of the Trust and BlackRock World Investment
Trust (BWC) into BlackRock Global Opportunities Equity Trust (BOE).
Please see the press release entitled �BlackRock Announces Board
Approval of Two Closed-End Fund Mergers,� dated February 6, 2009,
for additional details.
About BlackRock
BlackRock is one of the world�s largest publicly traded
investment management firms. At December 31, 2008, BlackRock�s
assets under management were $1.307 trillion. The firm manages
assets on behalf of institutions and individuals worldwide through
a variety of equity, fixed income, cash management and alternative
investment products. In addition, a growing number of institutional
investors use BlackRock Solutions� investment system, risk
management and financial advisory services. The firm is
headquartered in New York City and has employees in 22 countries
throughout the U.S., Europe and Asia Pacific. For additional
information, please visit the firm's website at
www.blackrock.com.
Forward-Looking Statements
This press release, and other statements that BlackRock may
make, may contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act, with respect to the
BlackRock closed-end funds� 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 and the closed-end funds managed by BlackRock
and its affiliates assume no duty to and do 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.
The following factors, among others, could cause actual events
to differ materially from forward looking statements or historical
occurrences: (1) the ability of this BlackRock closed-end fund that
has announced this investment policy change to implement this
change on a timely basis; (2) the effects of changes in market and
economic conditions; (3) other legal and regulatory developments;
and (4) other additional execution risks and uncertainties.
Blackrock Global Equity Income Trust (NYSE:BFD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Blackrock Global Equity Income Trust (NYSE:BFD)
Historical Stock Chart
From Jul 2023 to Jul 2024