BlackRock has announced a wide-ranging reorganisation of its overall investment operations which will increase its emphasis on multi-asset investing, the US asset manager has announced.
In an internal memo seen by Citywire Selector, the asset manager announces several changes designed to help globalise the company’s fixed income business and combine all active equities strategies into one unified team.
The company stressed portfolio manager roles will not be impacted but the changes in leadership spread across multi-asset investing, bonds, equities, real assets and also aim to strengthen regional distribution efforts.
Among the most high profile changes include Rich Kushel, chief product officer and head of strategic product management, will become head of multi-asset strategies.
In the circular, BlackRock said: ‘To build on the strong momentum in this business, we are going to continue to build the firm’s capabilities across the platform, create a more cohesive asset allocation message, and work with our distribution partners to deliver multi-asset solutions for clients anywhere in the world.’
Meanwhile, Tim Webb, head of international fixed income, will become global head of fixed income and Rick Rieder, chief investment officer for fundamental fixed income will become CIO for global fixed income.
On the equities side, BlackRock has opted to combine its fundamental and quantitative equity teams, which sees the two departments rebranded as the unified Active Equities platform. This will be co-managed by Chris Jones, Nigel Bolton, Raffaele Savi and Jeff Shen.
BlackRock also said it would respond to investor interest in real assets, notably infrastructure and real estate, with the creation of a dedicated Real Assets team. This will be overseen by Jim Barry, who is currently head of the infrastructure group.
Outlining these changes, the company said: ‘As clients look to us to deliver outcomes in today’s environment, they are seeking guidance and unified solutions that span the globe, asset classes and the full spectrum of products more than ever.’
‘We are therefore reinforcing and unifying our investor platform to build connectivity across regions, asset classes and strategies.’