Peter Hayes to retire from BlackRock next year; Patrick Haskell to take over

Peter Hayes, the iconic head of BlackRock's municipal bond group, plans to retire during the first quarter of next year.

Until his formal retirement date is set, Hayes will continue in his roles as head of the muni bond group, chief investment officer and global head of the financial institutions group's (FIG) investment business, according to a memo from Rich Kushel, senior managing director and head of the firm's portfolio management group (PMG).

Bloomberg News

Patrick Haskell, deputy head of the muni group and the FIG investment business will become head of these teams when Hayes retires. Haskell will also join the PMG executive committee.

"Peter managed through one of the greatest periods ever for bonds over his tenure," said John Hallacy, founder of John Hallacy Consulting LLC.

"First, there was the incredible growth of mutual funds. A multiplicity of funds were created during this time. What followed has been the rise of separately managed accounts and exchange traded funds," Hallacy said. "Most look to the MUB as one of the benchmarks that was created under his watch. He built a strong working team that made it all possible. He has left his mark."

Kushel said in the memo the company had been planning for this eventuality.

"After more than 36 years as investor and leader, Peter has decided the timing is right to begin his own retirement next year," Kushel wrote in the memo. "Peter's decision culminates years of planning toward this eventuality."

Previously, Haskell was at Morgan Stanley for 14 years, where he most recently was head of its municipal securities group and co-head of fixed income capital markets. Prior to that, he worked at HSBC and Credit Suisse.

Additionally, Sean Carney, head of the municipal strategy team, has been named portfolio manager on several municipal bond portfolios that Hayes managed. When Hayes retires, Carney will become CIO of the firm's municipal bond funds.

Pat Gorman, head of custom municipal solutions, which includes institutional and retail municipal separate accounts, will become its CIO upon Hayes' retirement.

Peter Gailliot, CIO and head of the FIG PMG, will continue in his role and will join the PMG executive committee on Hayes' retirement.

"This transition will happen in stages as Peter's retirement approaches. There are no changes to investment strategy or objectives," Kushel wrote.