iShares chief Ramji exits in management shake-up
The exits were announced in a memo to staff from Larry Fink, chair and chief executive at BlackRock, and Rob Kapito, president on Friday (12 January).
The exits were announced in a memo to staff from Larry Fink, chair and chief executive at BlackRock, and Rob Kapito, president, on Friday (12 January), following the firm's fourth quarter earnings call and the announcement of its $12.5bn acquisition of Global Infrastructure Partners.
In the memo, seen by Investment Week, the asset management giant said Ramji would be leaving the firm after a decade to pursue «a new career path» and seek a senior leadership role outside the firm.
His departure coincides with the creation of a new strategic Global Product Solutions business, which will work across all investment strategies, asset classes and fund structures, including iShares products and portfolio consulting functions.
BlackRock acquires Global Infrastructure Partners for $12.5bn in private markets push
«iShares has long been an engine of innovation and growth. This change will help us drive the next phase of growth for iShares and the entire firm. And, it will ensure that delivering investment performance is our highest priority,» the memo said.
The new unit, led by Stephen Cohen as chief product officer, will integrate active and index strategies across ETFs, mutual funds and separate accounts, spanning liquid and illiquid assets in public and private markets.
«The immediate priority of this business will be to deliver BlackRock's unparalleled breadth of investment strategies to clients based on what clients prefer, not based on the structure of our organisation,» the firm said.
«It will sharpen our commercial focus on active and private markets strategies and help
Read more on investmentweek.co.uk
