Management changes at BlackRock this week, including a new division and new leadership, got a positive review from at least one analyst.
"These managerial changes at BlackRock appear part of the regular annual rhythm at the firm as it seeks to shore up its ranks. We view positively the level of continuity among many of these groups, as BLK continues to promote from within," Cathy Seifert, an analyst at CFRA Research, said in an email to Pensions & Investments.
In a memo to employees Wednesday, BlackRock CEO Larry Fink and President Rob Kapito said those promoted were the firm's next generation of leaders and that the changes would deepen the relationships with the company's clients and improve its investment platform.
BlackRock announced that Manish Mehta, its former head of human resources, will run the new BlackRock Global Markets Group that will oversee trading, lending and other parts of the asset manager's Wall Street relationships, according to the memo.
BlackRock also announced that Sandy Boss, previously the head of investment stewardship, would become the chief operating officer of its global client business.
Joud Abdel Majeid, the former deputy chief financial officer, will succeed Ms. Boss and fill the investment stewardship position that has become more high-profile as BlackRock faces more criticism for its investing related to ESG.
Armando Senra will also take over BlackRock's institutional business in the Americas, among several other personnel changes.