Roland Villacorta was appointed to head BlackRock's $755 billion global cash management business, effective April 1.
Mr. Villacorta, a New York-based managing director, will retain his role as head of securities lending within BlackRock's trading and liquidity strategies group, a BlackRock spokeswoman said.
He is replacing Thomas F. Callahan, a managing director and head of BlackRock's global cash management unit, who is leaving the firm.
Mr. Villacorta's new title in the global cash management role has not been set, she said.
Mr. Villacorta will report to Philip Vasan, deputy head of the firm's portfolio management group, the spokeswoman said.
Mr. Callahan could not be reached for comment about his plans.
With Mr. Callahan's departure, "we will be evolving the structure of the cash management team," Mr. Vasan said in an internal memo Wednesday.
"In leading lending and liquidity, Roland will bring connectivity and strategic sponsorship to our work to deepen cash management's role in the whole portfolio and solidify BlackRock's place as a leader in the market," Mr. Vasan said.
He added that "the cash team is aiming to be a $1 trillion AUM franchise."
BlackRock managed a total of $10.01 trillion as of Dec. 31.