NEWS

After Larry Fink’s potential successor departs, here’s what is happening at BlackRock

By Muskan Arora

As the potential successor of Larry Fink, Mark Wiedman departs, BlackRock has promoted Joe Devico as the head of Americas client business.

Alongside the new role, Devico will remain as the co-head of US wealth advisory. Jaime Magyera, the co-head of US wealth group, will also handle the firm’s retirement business, as stated in a memo to the employees by Fink and President Rob Kapito.

As per the memo, Armando Senra will continue to lead the Americas institutional business and overall business in Canada and Latin America.


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BlackRock is also starting a “global partners office” to supervise business including the biggest investors like insurers and sovereign wealth funds, and companies and corporations looking to raise capital in the market.

Charles Hatami, senior managing director will lead the office, who is currently heading the firm’s business in Middle East. He will be joined by Stacey Mullin, the firm’s global chief of staff who reports to Fink.

Following the $30bn deal spree last year, which has brought key stakeholders into the firm. Fink and Kapito stated Bayo Ogunlesi and Raj Rao joining the firm from Global Infrastructure Partners and future senior executive additions from Preqin Ltd, and HPS Investment Partner.

Weidman, the head of global client business who has worked with the firm for over two decades is now choosing to pursue opportunities outside the company, people close to the matter told Bloomberg.

He was responsible for the early growth of the firm’s massive ETF business alongside starting its prominent financial-markets advisory arm that has served the Federal Reserve and US government through the financial crisis.

Most recently, he was responsible for client business and relationships with key stakeholders globally.