BlackRock hires executives in attempt to grow business

FUND management giant BlackRock yesterday announced an expansion of its senior leadership team and the reorganisation of its investment unit as part of wider efforts to grow its business.

The New York-based investment firm has added eight executives to its global executive committee, bringing the total to 21, according to an internal memo.

BlackRock chief executive Laurence Fink is shifting the $3.56 trillion (£2.3 trillion) company’s focus from acquisitions to managing its businesses in the hope of attracting further assets.

BlackRock is replacing its portfolio management group, which had been headed by Rich Kushel, with five new investment groups. Kushel will be deputy chief operating officer of the group, reporting to President Robert Kapito and chief operating officer Charles Hallac.

The additions to the executive committee “will ensure a broader, more diverse representation of views, including from the investment side of the business,” Fink wrote in the memo.