Blackrock Ditches Expensive Human Stock Pickers

Blackrock on Tuesday dove into the world of quantitative investing, moving $30 billion of the firm’s $5 trillion in assets into methods where computers will make stock picking decisions. The move will initially save $30 million annually as portfolio managers are leaving the firm. It comes as fees are being cut in half at the firm amid the widespread questioning of active management. Blackrock, for its part, is moving in the middle — offering an active investment managed by computers and offering the service at a passive fee. Blackrock active management has lagged the mutual fund industry and lost to…