BlackRock has announced a wide-ranging reorganisation of its investment operations, which include several leadership changes.
In an internal memo seen by Citywire, the asset manager announced several changes that will together increase focus on multi-asset strategies, globalise the fixed income business and combine all the active equities strategies in one team.
The company stressed portfolio manager roles will not be impacted but the changes in leadership spread across multi-asset investing, bonds, equities, real assets and also strengthening regional distribution efforts.
Here are some of the more significant leadership announcements, which come into effect from February 1:
- Rick Kushel, who is chief product officer and head of strategic product management, takes over the role of head of multi-asset strategies.
- Pierre Sarrau,deputy CIO of multi-asset strategies, becomes CIO.
- Ken Kroner, who has provided senior investment leadership since joining BlackRock with the BGI acquisition, and led both the MAS and scientific active equity businesses, will retire from the firm later this year.
- Tim Webb, the current head of international fixed income, will become the global head of fixed income.
- Rick Rieder, chief investment officer of fundamental fixed income, will assume the title of CIO of global fixed income. Webb and Rieder will report to Rob Kapito.
- The memo also announced the merger of the fundamental active equity and scientific active equity groups. This new platform will be jointly managed by Chris Jones, Nigel Bolton, Raffaele Savi and Jeff Shen and they will report to Rob Kapito.
- With clients increasingly eyeing investments in real assets, which include infrastructure and real estate, Jim Barry has been appointed head of real assets in addition to his responsibility as the global head of the infrastructure group.
- Belinda Boa, CIO of alpha strategies in APAC since January 2015, will become head of active investments in APAC. Boa will lead the fixed income, active equities as well as multi-asset strategies in the region. Investment CIOs and managers will report directly to her, along with country CIOs, who will also maintain their local country manager reporting lines. Boa will report to Ryan Stork and Rob Kapito.
‘As clients look to us to deliver outcomes in today’s environment, they are seeking guidance and unified solutions that span the globe, asset classes and the full spectrum of products more than ever,’ the asset manager said.
‘We are therefore reinforcing and unifying our investor platform to build connectivity across regions, asset classes and strategies.’