The departure of Mark Wiedman from BlackRock after his 21-year tenure at the asset manager has prompted a reshuffle.
BlackRock’s head of global client business is set to depart following more than two decades spent at the firm.
Wiedman first joined in 2004 as the head of financial markets advisory and progressed through several senior positions, including head of corporate strategy, global head of iShares and index investments, and head of international and corporate strategy.
He was promoted to the head of global client business role in January 2023. In the executive position, Wiedman is responsible for BlackRock’s commercial relationships, partnerships, and joint ventures across financial institutions and investors globally.
Wiedman also oversees capital formation across private markets, iShares, active and index strategies, and whole portfolio mandates.
During his time as global head of iShares and index investments between 2011 and 2019, he accelerated its growth from US$500 billion to US$1.7 trillion.
Wiedman took to LinkedIn to confirm his departure, writing: “After 20 years here at BlackRock, this is the right time for me to return to my entrepreneurial roots for the next phase of my career.
“I’ll be with BlackRock through the spring. I’ll be taking the time, at least through the summer, to sort out what that next thing is. Probably in finance, probably global, definitely entrepreneurial, and I can only hope as much fun as the past 20 years.”
As reported by Bloomberg, Wiedman was once viewed as a potential successor to BlackRock’s chief executive Larry Fink.
The exit has prompted a reshuffle at the asset management giant through the announcement of several senior promotions to grow its business in the Americas.
Joe DeVico is set to become BlackRock’s head of the Americas client business and will also continue in his position as co-head of US wealth advisory.
Jaime Magyera, also co-head of the US wealth group, will take on new responsibilities for the company’s retirement business, as stated in a memo to employees confirmed by Bloomberg.
Armando Senra will continue as the head of Americas institutional business and overall business in Canada and Latin America.
Moreover, the firm will be opening a “global partners office” to oversee business involving large investors and corporations seeking to raise funds in capital markets.
It was confirmed that Charles Hatami, global head of financial and strategic investors group who also oversees BlackRock’s Middle East business, will lead the new office alongside the firm’s global chief of staff Stacey Mullin.
