BlackRock had been gradually moving toward such a business model, but as a result of the Merrill Lynch deal, "we are evolving ourselves much quicker."
A memo from BlackRock's executive committee, sent to employees of both firms last week, said regional chairmen "will ensure that we have consistent focus and appropriate resources allocated to business opportunities" in their regions, and will work with functional department heads.
Robert Fairbairn, MLIM's chief operating officer for EMEA Pacific operations, will become chairman of the combined firm's Europe Middle East Africa/Australia business. Peter Fisher, chairman of BlackRock Asia, will be chairman of the combined firm's Asian operations.
Functional responsibilities will be portfolio management, account management, operations and administrative functions, as well as BlackRock Solutions, the firm's risk management and analytics platform.
Portfolio management will be led by Robert Kapito, BlackRock vice chairman; portfolio risk will be led by Ben Golub, BlackRock managing director.
Robert Doll, MLIM's president and chief investment officer, will become BlackRock's new global equity CIO and chairman of BlackRock's private client operating committee.
Keith Anderson, BlackRock's managing director and CIO of fixed income, will become global fixed-income CIO and co-head of the fixed-income portfolio management business with Scott Amero, BlackRock managing director.
Ralph Schlosstein, BlackRock's president, will oversee the combined firm's alternatives team, including real estate debt and equity, funds of funds, structured finance, private debt and equity, and alternative product development.
Barbara Novick, BlackRock vice chairman and managing director, will lead the account management group, responsible for business development, marketing and client service. Frank Porcelli, COO of MLIM in the Americas, will become head of the combined firm's U.S. private client group, and Anne Ackerley, who has run BlackRock's private client business, will become COO of the business. Charles Hallac, managing director and head of BlackRock Solutions, will continue to lead the business unit when the two firms merge.
Henry Gabbay, BlackRock managing director and treasurer, will lead the portfolio operations and administration group. The combined firm's corporate infrastructure will be run by several current BlackRock officials: Sue Wagner, managing director and COO; Bob Connolly, managing director and general counsel; Steve Buller, chief financial officer and Susan Mink, head of human resources.
Mr. Fink said all of the senior portfolio management positions will be revealed to clients and employees in about two weeks. The full personnel review of both firms will be completed in June.