BlackRock's leadership Thursday revealed the latest tweaks to the company's executive lineup, in what an internal memo described as “evolutionary” changes.
The memo, obtained by Pensions & Investments, said the company has created regional organizations for the Americas, Asia Pacific and EMEA to sharpen BlackRock's focus on “growth areas outside the U.S.”
The Americas business will be overseen by an operating committee, led by BlackRock President Rob Kapito.
Rohit Bhagat is chairman of Asia Pacific; he had been global chief operating officer at BGI, prior to BlackRock's December 2009 acquisition of the firm.
James Charrington will become chairman of EMEA, a new position, pending regulatory approval. Previously, he served as head of international retail for BlackRock. Maarten Slendebroek, head of BlackRock Solutions EMEA, will replace him. Mr. Slendebroek's replacement has yet to be announced.
The announcement of the regional organizations “ends the use of the international structure at the firm level,” according to the memo.
Richard Kushel, a vice chairman who previously headed BlackRock's international businesses, assumed the new role of head of portfolio management. The memo said Mr. Kushel will be “responsible for developing a cohesive portfolio management function that shares information and insight globally.”
Charlie Hallac, co-COO with Sue Wagner, will become sole COO. Ms. Wagner, who is also a vice chairman, will join Chairman and CEO Larry Fink, Mr. Kapito and Vice Chairmen Blake Grossman and Ken Wilson on a new executive committee leading BlackRock. Mr. Wilson also will be chairman of BlackRock Alternative Investors, the new name for BlackRock's global alternative investment business.
Matthew Botein, a managing director who heads BlackRock's special situations investment group, was named head of BlackRock Alternative Investors.
Mr. Botein, who reports directly to Mr. Kapito, will be responsible for business and product strategy for more than $100 billion in alternative assets. He retains his previous title and responsibilities.