The leadership changes reflect some of BlackRock's main challenges, including institutional outflows amid volatile markets. (Photo: Bloomberg)
(Bloomberg) –BlackRock Inc. is launching a massive overhaul of its leadership to help navigate mounting challenges across the asset-management industry, from global expansion to pressure on fees.
The world's largest asset manager, led by Chief Executive Larry Fink, is installing new leaders at its alternatives investment division, reorganizing staff and shifting more responsibility for clients to regional leaders, according to a memo to staff Tuesday.
The leadership changes reflect some of BlackRock's main challenges, including institutional outflows amid volatile markets. The company is working to expand its business outside the U.S., which it has also done through deal-making in recent years. The firm is also trying to expand outside of indexed products by bolstering its technology and its alternatives businesses.
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