BlackRock exec departure leads to reshuffle

blackrock ishares promotion

16 January 2025
| By Jasmine Siljic |
image
image image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 week 3 days ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

2 months 2 weeks ago

The corporate regulator has named its new chief executive, who is set to replace retiring interim CEO Greg Yanco in March....

3 weeks 6 days ago

The FAAA has secured CSLR-related documents under the FOI process, after an extended four-month wait, which show little analysis was done on how the scheme’s cost would a...

4 weeks ago

New York-based firm CC Capital has bumped up its offer to stay ahead of rival bidder Bain Capital....

3 weeks 5 days ago

TOP PERFORMING FUNDS