BlackRock’s reshaping of its top-level leadership has taken another twist with the asset management giant naming new regional executives and replacing its alternatives chief.
According to a memo seen by Reuters, Mark McCombe will step back from overseeing the US-headquartered group’s alternative investment unit to focus on leading the Americas region.
The move will see McCombe replaced by David Blumer, who joined from Credit Suisse four years ago and had most recently run the EMEA region. Blumer will, in turn, be replaced by Rachel Lord.
Continuing the merry-go-round, Lord will relinquish her post as a senior executive in the company’s passive arm iShares, which will lead to Stephen Cohen stepping up to run the EMEA operations here.
This marks the second major change for BlackRock this year, after the group announced sweeping changes to its active equity model in the spring.
This saw several fund managers leave the group and several strategies handed over to the systematic-focused Scientific Active Equity team.
At the beginning of last year, BlackRock announced a wide array changes to leadership positions. This was designed to promote multi-asset investing, while expanding its fixed income efforts and consolidating disparate equity investment teams.