MONEY MANAGEMENT

BlackRock chooses new head of North American institutional client business

Sarah Melvin has been named head of the institutional client business for the U.S. and Canada at BlackRock (BLK), according to an internal memo to employees obtained by Pensions & Investments.

Effective in March, Ms. Melvin will replace Edwin N. Conway, a managing director who was promoted to global head of institutional client business in November.

Ms. Melvin will be responsible for expanding and executing the institutional client business strategy in the U.S. and Canada as well as delivering the firm's investment capabilities to BlackRock's clients. She will report to Mr. Conway.

Ms. Melvin was managing director and global head of the strategic partner program and chief of staff in BlackRock Chairman and CEO Laurence D. Fink's office. She will be replaced by Jessica Tan, global chief operating officer of BlackRock's financial markets advisory group.

BlackRock had $5.15 trillion in assets under management as of Dec. 31.