Shares of the firm were little changed at 10:18 a.m. The industry is deploying technology across its businesses to reduce costs and expanding its offerings in alternatives such as private equity and real estate, which usually charge higher fees.īlackRock said in January that it was cutting 3% of its global workforce, the largest reduction in its headcount since 2016. Low-Fee PressureĪsset managers are under pressure as volatility roils markets and investors pile into low-fee funds. The firm said it is establishing Latin America as a region organizationally in parallel with Asia-Pacific and Europe, the Middle East and Africa, or EMEA. Mark Wiedman - who earlier this year also got a new job as head of international and corporate strategy - will take on Latin America. Mark McCombe will take on the newly created role of chief client officer. Two men thought to be contenders received new responsibilities. In recent years these proteges have been shuffled in a variety of senior positions and Fink has said he prefers not to let one clear successor emerge. The changes come amid speculation about who will succeed Fink, 66, as the firm’s CEO.Ī handful of executives are considered to be in the running, including two whose roles are shifting, according to the memo. The firm is also trying to expand outside of indexed products by bolstering its technology and its alternatives businesses. The company is working to expand its business outside the U.S., which it has also done through deal-making in recent years. The leadership changes reflect some of BlackRock’s main challenges, including institutional outflows amid volatile markets. The world’s largest asset manager, led by CEO Larry Fink, is installing new leaders at its alternatives investment division, reorganizing staff and shifting more responsibility for clients to regional leaders, according to a memo to staff Tuesday. (Bloomberg) - BlackRock is launching a massive overhaul of its leadership to help navigate mounting challenges across the asset-management industry, from global expansion to pressure on fees.
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