Barry Knapp, Barclays's chief U.S. equity strategist, is heading to BlackRock Inc. to lead a new research group within its fixed-income team, according to an internal memo to BlackRock employees.

The new group, called the thematic strategies team, is being formed to provide big-picture research for fixed-income portfolio managers at the world's largest asset-management firm. The team will "work on major structural themes which could cut across a number of portfolios and identify where the opportunities are for investment," the memo says.

Mr. Knapp will report to Rick Rieder, BlackRock's chief investment officer of fundamental fixed income. He will start in his new role this summer.

He spent five years at Barclays as head of U.S. equity portfolio strategy. Most recently, he had his year-end target for the S&P 500 at 1900, according to Birinyi Associates, roughly 2.9% above recent levels. It wasn't yet clear who will replace Mr. Knapp at Barclays.

"We wish Barry all the best in his new role," a Barclays spokeswoman said in a statement.

Write to Alexandra Scaggs at alexandra.scaggs@wsj.com

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