BlackRock’s Larry Fink in biggest organisation overhaul in years
Top executives are being shuffled around as asset managers are under pressure with volatility roiling markets and investors piling into low-fee funds
New York — 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. The world’s largest asset manager, led by CEO Larry Fink, is installing new leaders at its alternatives investment division, re-organising staff and shifting more responsibility for clients to regional leaders, according to a memo to staff on Tuesday. The leadership changes reflect some of BlackRock’s main challenges, including institutional outflows amid volatile markets. The company is working to expand its business outside the US, which it has also done through deal-making in recent years. The firm is also trying to expand outside of indexed products by bolstering its technology and alternatives businesses. Who will succeed Fink? The changes come amid speculation about who will succeed Fink as the firm’s CEO. A handful of executives are considered to be in the running, including two whose roles...
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