"BlackRock is a prime place to look for candidates," he added, noting that many executives are looking for new money management positions given lower bonuses in 2022.
"Because bonus pools were down in 2022, because it was a difficult year, the best candidates firms sought were more affordable than in prior years," said Keith Robinson, managing partner, at Focus Consulting Group Inc., Long Grove, Ill., which advises money managers on business issues, in an interview.
Much of the focus on recruiting by money management firms was for distribution specialists because companies want to see their assets under management grow, he said.
Mr. Robinson added that "many firms had lower assets under management last year due to market performance, style issues and redemptions."
BlackRock had $8.59 trillion in assets under management as of Dec. 31.
Among the upper echelon of BlackRock senior executives making a move is Daniel Gamba, who was appointed president of Chicago-based Northern Trust Asset Management in February. He will assume the position in Chicago on April 3.
He will oversee investment assets under management for Northern Trust Corp.'s asset management unit which totaled $1.2 trillion of assets under management as of Dec. 31.
Mr. Gamba was managing partner, co-head of fundamental equities at BlackRock as well as a member of the company's global operating, portfolio management group, executive and human capital committees.
Also in February, Paul Bodnar, BlackRock's managing director and global head of the firm's $500 billion sustainable investments platform, left to join the $10 billion charitable Bezos Earth Fund. He will join the Washington, D.C.-based fund in April.
The climate-focused fund was founded by Jeff Bezos, executive chairman and former president and CEO of Amazon.
Mr. Bodnar's new title and responsibilities were not available.
Zach Buchwald, formerly head of BlackRock's North American institutional business for the U.S. and Canada, was poached by Seattle-based Russell Investments Group LLC to assume the roles of CEO and chairman, effective on May 1.
Russell managed $276.5 billion as of Dec. 31.
The lone woman among executives who left or are leaving BlackRock is Jennifer Ryan, who was managing director and head of the firm's U.K. institutional business.
Ms. Ryan was named managing director and head of North American distribution at Lazard Asset Management and joined the firm in January 2023. As of Dec. 31, Lazard had $216 billion under management.
"It's not uncommon that BlackRock leaders are offered significant career opportunities to lead other firms. We're honored that competitors would be looking to draw their leaders from BlackRock as others have done over the years. That comes with being an industry leader. We remain grateful for the contribution they have made to the firm and wish them the best in their new roles," said a BlackRock spokeswoman in an email.