(Adds details, quotes, background; in U.S. dollars)
By David Ljunggren
OTTAWA Aug 11 Top Canadian finance ministry
official Jean Boivin will join the London office of BlackRock
Inc, the world's largest money manager, the firm said on
Boivin, seen as a contender to head the Bank of Canada one
day, is the second most powerful official at the ministry.
Reuters broke the news last week that he would be leaving his
post on Aug. 29.
Boivin will start work as deputy chief investment strategist
at the BlackRock Investment Institute on Sept. 15, the firm said
in a statement.
Boivin also serves as Canada's representative at the Group
of Seven, the Group of 20, and the G20's Financial Stability
Board, which monitors the global financial system.
"His vast knowledge of the global financial and economic
landscape and deep policymaking experience are invaluable
assets," said Lee Kempler, the BlackRock institute's executive
The institute provides the firm's portfolio managers with
insights on sovereign risk and the macro investment outlook.
"I'm excited to be able to bring my experience and ideas to
BlackRock as it executes on its mission of delivering
exceptional investment performance and deep capital market
insights to its clients," Boivin said in the statement.
Boivin was not immediately available for comment.
BlackRock reported an 11 percent jump in second-quarter
profit last month, boosted by strong markets that helped drive
flows into its funds across asset classes and regions.
The firm, which has $4.6 trillion in assets under
management, has a history of employing former government and
central bank officials.
Vice Chairman Ken Wilson served as an adviser to the U.S.
Department of Treasury during the height of the financial
crisis. In May of this year the firm hired White House economic
adviser Sarah Bianchi.
Former Swiss central bank chairman Philipp Hildebrand joined
the firm's London office in 2012.
Among those who have worked for the London-based institute
are Peter Fisher, a former senior official at the U.S. Treasury
and the U.S. Federal Reserve.
(Additional reporting by Euan Rocha in Toronto; Editing by
James Dalgleish and Peter Galloway)