BlackRock has consolidated seven of its portfolio management businesses to form a new business unit within the firm, according to an internal memo given to Pensions & Investments.
The seven portfolio management businesses — fundamental fixed income; municipals and FIG fixed income; index fixed income and LDI; fundamental equities; systematic investments; multiasset strategies and solutions; and global lending, liquidity and private investors — will form BlackRock's new portfolio management group. Rich Kushel, senior managing director and head of the multiasset strategies and global fixed income groups, will lead the new unit with $3.6 trillion in assets under management.
In addition, several BlackRock executives will take on new or expanded roles within the portfolio management group:
- Daniel Gamba, global head of active equities product strategy, and Becci McKinley-Rowe, head of fundamental active equities in EMEA, will lead the fundamental equities business.
- Raffaele Savi, co-CIO of active equity and co-head of systematic active equities, will lead the systematic business.
- Jennifer Ottinger, global chief operating officer for BlackRock's active equities group, will expand her responsibilities to include oversight of the full systematic business.
- Ryan Marshall, global head of client portfolio solutions, and Pierre Sarrau, CIO for multiasset strategies, will co-lead the multiasset strategies and solutions business. Mr. Sarrau will also head active investments for EMEA.
- Rick Rieder, CIO of global fixed income, will also become head of the fundamental fixed-income business.
- Phil Vasan, global head of lending and liquidity, will expand his role to become deputy head of PMG.
- Chanel Frazier, chief of staff to Mr. Kushel, will take on a new role as head of PMG business strategy.
- Helen Jewell, director of research for fundamental equities, will expand her role to partner with the CIOs and heads of PMG to develop strategies to enhance the research processes.
No changes to portfolio manager responsibilities will be made, the memo said.