Feb 12 BlackRock Inc named Morgan
Stanley banker and long-time financial advisor Gary
Shedlin as its next chief financial officer, to succeed Ann
Shedlin, who served as advisor to BlackRock on virtually all
of its most significant deals, will join the money manager on
March 11 and take over as CFO on completion of Petach's tenure
after the company's first-quarter results, the New York-based
firm which oversees nearly $4 trillion said in a statement on
Most notably, Shedlin advised on BlackRock's 2009 purchase
of Barclays' investment business to create the world's largest
money manager. The former Barclays exchange-traded fund unit,
iShares, has been a stellar performer and helped the New
York-based firm please investors with expanding profit margins.
Despite Shedlin's extensive merger and acquisitions
experience, BlackRock said he is not joining to initiate a major
round of dealmaking.
"Management has been very clear that we're not going to do
any major strategic transactions," spokesman Brian Beades said.
"There is no appetite for those."
The firm will continue to pursue smaller deals to fill in
missing components, such as the recent deal to acquire the
European exchange-traded fund business of Credit Suisse, Beades
BlackRock shares, which have risen 28 percent in the past
three months, closed on Tuesday down 59 cents, or 0.3 percent,
Shedlin is currently vice chairman-investment banking at
Morgan Stanley and has previously worked with Citigroup
and Lazard Ltd.
Morgan Stanley declined to comment.
Shedlin had decided that after 25 years in investment
banking, he wanted to do something new, according to a person
familiar with the situation, who requested anonymity. His
departure was not related to events at Morgan Stanley, the
BlackRock chief executive Laurence Fink and Shedlin have
talked about working together for some time, but conversations
grew more serious after the retirement vice chairman Susan
Wagner last year, the person said. Around that time, Petach had
also expressed interest in changing roles.
Petach will join the firm's BlackRock Solutions unit as a
senior managing director in the client solutions business and
will help develop initiatives with a focus on offerings for
public and private pension funds, the company said.