Blackrock reshuffle top management ranks
New York: Blackrock, the world's largest asset-management firm, announced a significant reshuffling of its top management ranks that promoted?about 10 senior executives, including an Indian who will become the global head of the firm's investment management platform.
Sudhir Nair, currently Head of Business Development and Implementations & Delivery for Blackrock's Aladdin Business, will become Global Head of the Aladdin Institutional Business.
Blackrock's co-founders Laurence Fink and Robert Kapito announced the management reshuffle in a memo to employees. New York-based BlackRock manages USD 4.3 trillion in assets.
The reshuffle is seen as a major step in preparing the next generation of senior management and toward picking a successor to 61-year-old Fink.
"Periodically moving leaders to new roles as part of this process was a key rationale for the reorganization of the firm in 2012 and is a key driver of the management changes we are announcing today," Fink said.
Fink said Nair has played an "integral role" in helping to build and develop the company's Aladdin business over the past 14 years.
Having initially started as an analyst in the Portfolio Analytics Group, Nair's "deep knowledge of Aladdin as a platform and of our client base will ensure a seamless transition and continued focus on our growth strategy," the memo said.
The existing Aladdin business is being renamed to highlight its focus on the company's institutional client base.
Aladdin is BlackRock's electronic investment management platform, which combines risk analytics with portfolio management, trading and operations tools.
It had nearly 2,000 employees as of last year.
Charles Hallac, one of BlackRock's first employees and the creator of the company's vast Aladdin trade management system, was promoted to Blacrock co-president, the memo said.
Rob Goldstein, currently Global Head of BlackRock's Institutional Client Business (ICB) and BlackRock Solutions (BRS), will become Chief Operating Officer.