BlackRock adds healthcare sector fund


BlackRock, now a $1 trillion global giant since its $9.5 billion merger with Merrill Lynch Investment Managers, recently added a new health sciences strategy to its stable of hedge funds.

Managed by BlackRock healthcare sector star Erin Xie, the fund was launched quietly on June 1 and is so far running only modest assets of about $15 million. It was up 13% after its first four months of trading, posting gains every month.

The long/short strategy uses a research-intensive approach to find opportunities in pharmaceuticals, biotechnology, healthcare services and healthcare equipment/medical devices.

Prior to the Merrill merger, BlackRock was