American money manager BlackRock, which manages US$4.3 trillion in assets, has reportedly restructured its senior management team as part of its strategy to groom its next generation of senior management.
The group has shifted at least 10 senior executives into new or expanded roles, Reuters reported citing an internal memo.
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Larry Fink, chief executive and chairman of BlackRock, and Rob Kapito, president, will continue to remain in their current roles, Reuters reported.
Under the restructure, Rob Goldstein, global head of BlackRock’s institutional client business will assume the role of chief operating officer replacing Charlie Hallac, who will become co-president of BlackRock. The duo will assume their new roles with effect from 1 June 2014,, according to the publication.
Additionally, Mark McCombe, chairman of BlackRock Asia-Pacific, will take over as global head of the institutional client unit. He will remain in his current role until the end of the year and will also become chairman of BlackRock Alternative Investors.
Rich Kushel, head of strategic product management, has been promoted to chief product officer. Also, Kushel will continue to oversee the BlackRock Investment Institute and the firm’s corporate governance and responsible investment team.
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By GlobalDataRyan Stork, global head of the Aladdin business within BlackRock Solutions, will become head of BlackRock Asia Pacific on 1 June and will be based in Hong Kong. He will also become chairman of the division starting next year.
Furthermore, Ken Wilson, chairman of BlackRock Alternative Investors, will become chairman of Alpha Strategies, while Salim Ramji will join the firm later this month as global head of corporate strategy.
In addition, Patrick Olson, global head of strategy and planning, will assume the role as COO of Europe the Middle East and Africa (EMEA) and join the EMEA executive committee.
