Nancy Everett will join BlackRock on Jan. 31 as managing director and head of the firm's U.S. fiduciary management solutions unit, Bobbie Collins, a BlackRock spokeswoman, said in an interview.
The position is new.
Ms. Everett said in an interview that the BlackRock unit she will oversee offers portfolio management advice, investment management, and total or partial plan investment outsourcing using both internal and external money managers.
“Fiduciary management covers the gamut of whatever an institutional client needs. That might require us to serve in an advisory role to help a client set up an LDI program or to structure investments. It's clear to me that the investment industry is changing and that institutions are moving away from in-house management. Endowments in particular have embraced investment outsourcing. We're not necessarily focused on total portfolio outsourcing; we also can manage specific asset classes or parts of a portfolio,” Ms. Everett said.
BlackRock's FMS unit managed $28 billion in fiduciary mandates on a global basis as of Sept. 30. FMS is part of BlackRock's multiasset client solutions unit, which managed a total of $90 billion globally, according to a news release from the company.
Ms. Everett was CEO of Promark Global Advisors, the New York-based money management firm that had been known as General Motors Asset Management, which managed internal and external retirement plan assets; she left on June 1. She was replaced by Walter Borst, who had been GM's treasurer.
GM last year decided to exit the pension outsourcing business, returned the assets of external clients and on Sept. 1 restored the pension unit's name to GM Asset Management.
GM Asset Management manages General Motors' defined benefit plan and defined contribution plans, which totaled $87.8 billion and $14 billion, respectively, as of Sept. 30, according to Pensions & Investments data.
Before joining General Motors in 2005, Ms. Everett spent 26 years in various roles at the $52.2 billion Virginia Retirement System, Richmond, ultimately serving as the system's chief investment officer.