Barbara Novick, BlackRock vice chairman and head of the firm's business development, marketing and client service group, will become senior adviser to the office of the chairman, effective sometime in February.
In a memo to employees today, Laurence D. Fink, BlackRock's chairman and CEO, said Ms. Novick's desire to give up her operating responsibilities and spend more time with her family was behind the move, and she will remain involved in key business areas at BlackRock such as M&A opportunities, senior client interactions, conferences and industry issues.
While spending time with the family has taken on cliche status, Ms. Novick said in an interview that sometimes it's actually true.
After two decades of working 24/7 ... I wanted to change the balance, she said, adding that giving up her operational duties will allow her to spend more time on parts of her job she enjoys, including doing industry conferences and spending time working with clients solving problems.
Rob Fairbairn, vice chairman and BlackRocks London-based head of international business, will succeed Ms. Novick as head of the account management group, which oversees business development, marketing and client service. Mr. Fairbairn, who came to BlackRock when that firm absorbed Merrill Lynch Investment Managers in 2006, will relocate to New York.
Rich Kushel, BlackRocks New York-based managing director and head of international institutional business, will, in turn, succeed Mr. Fairbairn as vice chairman and head of international, relocating to London in February. Andrew Dyson, another MLIM veteran who has served as managing director and head of BlackRocks Europe, Middle East and Africa institutional business, will take on Mr. Kushel's role as head of international institutional business as well.
Mr. Fink noted that other key positions remain unchanged, with Rob Capaldi continuing as head of U.S. institutional business; Frank Porcelli continuing as head of the U.S. retail business; James Charrington as head of international retail business; and Simon Mendelson managing director and as COO and head of the account management group for cash management.
Otherwise, Mr. Fink announced that, effective immediately, Chuck Clarvit, the head of BlackRock Alternative Advisors' product specialist group, has been elevated to co-head of BlackRock Alternative Advisors, joining Bryan White. David Mullane, a managing director with BlackRock Alternative Advisors, has succeeded Mr. Clarvit as head of the product specialist group.
BlackRock had $1.26 trillion in assets under management as of Sept. 30.