GLOBAL - BlackRock has restructured its management team creating a new head of portfolio management role, three new regional organisations and an alternatives investment group.
BlackRock called the changes, developed after a six-month review of the management structure, "an evolution, not a drastic change".
In an internal memo seen by GP, BlackRock named Rich Kushel as head of portfolio management, a new role. In his role, he will be "responsible for developing a cohesive portfolio management function that shares information and insight globally, while retaining distinct investment styles and processes". Kushel was previously head of BlackRock's international business.
The international business no longer exists and was instead replaced by three regional groups: Americas, Asia and EMEA (Europe, Middle East and Africa). "In addition, we are strengthening the role of regional and country heads to create additional focus on each of these markets," the memo said.
James Charrington, previously the head of international retail, will be the new chairman of EMEA and Rohit Bhagat is chairman of Asia Pacific, a previously announced appointment. BlackRock president Rob Kapito will oversee an Americas operating committee.
Charrington was replaced by Maarten Slendebroek, previously head of BlackRock Solutions EMEA.
BlackRock will also create an alternatives investment group led by Matt Botein, also head of BlackRock's special situations investment group.
The firm will continue to operate three "key functional organisations": the portfolio management group, led by Kushel, the global client group and the operations group.
Rob Fairbairn will continue to serve as head of the global client group. Charlie Hallac, currently co-chief operating officer with Sue Wagner, will become the sole COO.
Wagner will join an executive team comprised of vice chairmen Blake Grossman, Ken Wilson, Kapito and Larry Fink. Former chief executive of BGI Fred Grauer will serve as an advisor to the executive team. The team will provide "firm-wide leadership and oversight", according to the memo.
Charles Prideaux, formerly COO of fundamental equity, is now head of institutional clients in the EMEA region. He replaces Mike O'Brien, who left last month. (Global Pensions, June 25, 2010)
Earlier this week, BlackRock announced Mike Latham, previously head of the North America iShares business, was appointed head of global iShares after the firm decided to restructure its exchange traded funds arm. iShares head of US sales Joe Linhares was appointed head of iShares EMEA. Head of iShares international Rory Tobin has left the firm.
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