BlackRock is expanding its outsourced CIO team for Europe and Africa as opportunities to work with institutional investors extend beyond traditional markets.
Sebastien Herzog was named as head of strategic outsourcing partnerships, a new role, according to a memo obtained by Pensions & Investments. Paris-based Herzog, chief operating officer for Europe and Africa institutional, will focus on large, complex and inorganic opportunities in Europe and across institutional client segments. His role will be replaced internally.
Amy Proudfoot will join the Europe and Africa OCIO team to focus on business growth for outsourcing incubation markets, the memo said. She will work closely with Herzog and channel leaders. Her previous role was as chief of staff for the global consultant relations business.
Herzog and Proudfoot report to Sion Cole, managing director head of outsourcing partnerships for Europe and Africa institutional.
The $11.6 trillion manager has also created specific verticals for roles, or channel leaders, within the Europe OCIO team.
Lara Edmonstone-West will lead on U.K. defined benefit pension outsourcing partnerships. Sophie Dapin leads on defined contribution outsourcing partnerships, and Scott Harris leads on family office, endowments, foundations and insurers outsourcing partnerships. Ellie Stoneham will move to the team to lead on alternatives within outsourcing partnerships, transitioning from her role in the institutional client specialists team.
The memo also said Imogen Hilton will lead on multinational outsourcing partnerships, moving from her role as head of Asia-Pacific solutions and structuring.
All of the channel leaders also report to Cole.
Director Tim Fawcett will become head of cross-channel business development, working with all of the channel leaders and Herzog. He will report to Cole.
Previous roles will mostly be replaced through internal moves and promotions.
A spokesman confirmed the contents of the memo.
“The structural evolution of the market is leading institutional investors to ‘do more with fewer,’” Cole and Anne Parthiot-Mons, head of Europe and Africa institutional, said in the memo. “This is accelerating the opportunity in outsourcing. Outsourcing is now no longer focused on just the traditional U.K. and Dutch pensions markets — it is expanding across regions and client types. Clients are exploring outsourcing partnerships, due to the benefits of lower costs, reduced governance and a focus on investment returns and risk management. Complexity is rising and the bar to win is higher, with M&A-like transactions increasingly commonplace,” the memo added.
BlackRock has been appointed as OCIO for a number of high-profile European clients over recent years, including for €27 billion ($27.6 billion) for Stichting Shell Pensioenfonds, The Hague, Netherlands, and $10.8 billion for Royal Mail Pension Plan, London.