BlackRock, the world’s largest asset manager, has expanded its global executive committee by adding 20 top leaders, reported the Financial Times.

Among the new appointees are Sarah Melvin, head of the European business, and Mike Pyle, an investment strategist.

The appointments also include BlackRock deputy COO Stacey Mullin, and Jaime Magyera, head of the US wealth and retirement unit.

The asset manager also established a formal management committee, which includes senior executives such as COO Rob Goldstein and CFO Martin Small.

“This group will help define BlackRock’s long-term vision, strategy, culture and principles,” as detailed in a letter from CEO Larry Fink and president Rob Kapito seen by the publication.

Both Fink and Kapito are members of this newly formalised group.

The changes come as BlackRock aims to increase its market value over the next five years. At the end of June 2025, the firm managed assets totalling more than $12.5tn.

Fink has recently overseen the acquisition of several firms, positioning BlackRock to capitalise on the growing private markets sector.

Martin Small’s new role as co-chair of the global operating committee, alongside Rob Goldstein, signals their potential as successors to Fink, the FT noted.

Meanwhile, vice-chair Mark McCombe is set to retire in the upcoming year. BlackRock has not provided a statement regarding these internal changes.

“This expansion reflects our commitment to evolving with purpose and unlocking the full potential of talent across the firm,” Fink and Kapito wrote. “We view this as part of an ongoing refinement of our leadership structure — one that ensures we remain responsive to our clients, our people and the opportunities ahead.”

Earlier this month, BlackRock secured the necessary approvals to operate in Kuwait.