Tim Webb has stepped down from managing BlackRock Inc.’s biggest hedge fund, the $5.7 billion diversified fixed-income strategy, handing control to his deputy Tom Parker. Webb, who ran the hedge fund for five years, also left his post as chief investment officer of the model-based fixed income group to devote more time to leading the firm’s international fixed-income business, said Brian Beades, a spokesman for BlackRock. Parker, who was deputy CIO...