| NEW YORK, April 6
NEW YORK, April 6 BlackRock Inc, the
world's largest money manager, is reorganizing its senior
management, shifting at least 10 senior executives into new or
different roles, according to an internal memo seen by Reuters
Both Larry Fink, chief executive and chairman of BlackRock,
which has more than $4 trillion in assets under management, and
Rob Kapito, president, will stay in their roles.
Charlie Hallac, who while not a founding member of BlackRock
but was the company's first employee in 1988, will become
co-president, the memo said.
BlackRock is scheduled to report its first quarter financial
results on April 17. The company said it does not have any
further comment beyond what is included in the memo.
Hallac, who is battling colon cancer, is currently chief
operating officer. He was one of the original architects of
BlackRock's Aladdin trading platform and will be forming a new
group to focus on broadening and integrating that technology
more into the company's retail segment.
New York-based BlackRock's client businesses, investment
groups and product management will continue to report to Hallac
Rob Goldstein, a 20-year BlackRock veteran and current
global head of the asset management firm's institutional client
business, will fill the role of COO, as of June 1.
Mark McCombe was named global head of the institutional
client unit, based in New York. He is currently chairman of
BlackRock Asia Pacific, a role he will keep until the end of the
year. McCombe will also become chairman of BlackRock Alternative
BlackRock said in the memo the shuffle fits into its
strategy of the past five years of challenging its executives by
putting them in roles that broaden their horizons and maximize
their impact with the firm and its clients.
"Periodically moving leaders to new roles as part of this
process was a key rationale for the re-organization of the firm
in 2012 and is a key driver of the management changes we are
announcing today," the memo said.
In 2012, the company expanded its senior leadership team and
reorganized its investment and client-facing businesses in an
effort to spur organic growth. In that move, BlackRock replaced
its portfolio management group with five new investment groups.
Other moves announced on Sunday include the promotion of
Rich Kushel to chief product officer. Kushel is currently head
of strategic product management. He will also continue to
oversee the BlackRock Investment Institute and the company's
corporate governance and responsible investment team.
Ryan Stork, global head of the Aladdin business within
BlackRock Solutions, will become head of BlackRock Asia Pacific,
based in Hong Kong, beginning next year.
Ken Wilson moves to the role of chairman of Alpha Strategies
at BlackRock, after serving as chairman of BlackRock Alternative
Investors since its creation.
BlackRock said Salim Ramji, a Senior Partner at McKinsey &
Company, will join the firm later this month as global head of
Patrick Olson, who is global head of strategy and planning,
will become COO of Europe the Middle East and Africa (EMEA) and
join the EMEA executive committee.
BlackRock said it was not making any changes to portfolio
managers or client relationship managers.
(Reporting by John McCrank; Editing by Bernard Orr)