![]() ![]() The firm is consolidating alternatives distribution responsibilities into its broader client business David Lomas, most recently global head of BlackRock Alternatives Specialists, is leaving after 15 years.“We are simultaneously announcing organizational and leadership changes focused on promoting existing leaders within each business that will accelerate their growth by creating better alignment, internally and externally, and even tighter focus for teams, resources and leadership,” BlackRock Chief Executive Officer Larry Fink and President Rob Kapito wrote in another memo.īlackRock announced several other changes: Lance Braunstein, who’s leading engineering for the Aladdin investment-management system, will join BlackRock’s global executive committee. The company, which frequently shuffles senior personnel, also consolidated key data, technology and Aladdin risk-management groups under Sudhir Nair, according to a separate memo from Chief Operating Officer Rob Goldstein. Clients have told BlackRock that they expect to increase their allocations to private equity and credit because they can offer even more attractive returns than public markets. The world’s largest asset manager, which oversees about $9 trillion, is seeking to capitalize on the continued growth of private markets even after central banks jacked up interest rates to fight inflation, which has driven up yields on government and corporate bonds. “By creating more focused teams and a stronger, more cohesive investment platform, we are developing our capabilities as alternatives become less alternative.”īlackRock has won major mandates in recent years to manage whole portfolios for clients, spanning equities, bonds and private assets. “Where clients once thought of private markets as an alternative to fixed income or equities, today they’re talking about alternatives as essential components in their asset allocation,” Conway and Rich Kushel, head of the portfolio management group, said in the memo. As a result of the changes, BlackRock will no longer have a standalone alternatives unit for all private assets. Leveraged finance, high-yield and more liquid credit strategies will sit alongside traditional fixed-income strategies and be overseen by Rick Rieder, chief investment officer of global fixed income.Įdwin Conway, who had been in charge of the firm’s overall alternatives unit, will now lead a group devoted to venture, private equity, infrastructure and growth equity investing, as well as investment strategies related to the world’s transition to clean energy. ![]() Jim Keenan, who led global credit, will now focus exclusively on private credit, according to a memo to employees Thursday. is shaking up its alternatives business, with roughly $300 billion of assets, as the firm seeks to build more focused teams for private credit and direct equity strategies. Besides his passion for analyzing and writing about stocks, Jim likes to hike in the desert Southwest, vacation in Las Vegas, play tennis, and feed his toddler son Cheerios.(Bloomberg) - BlackRock Inc. ![]() After attending business school, Jim switched gears to the investment realm full-time, working for a university endowment, a private wealth management firm, an insurance and financial planning company, and as a Senior Analyst for an online investment newsletter service that encourages the wearing of funny hats.Ī possible but unlikely descendant of legendary brawler and boatman Mike Fink, Jim defies his heritage, believing that investing success requires patience and analysis, not swashbuckling bravado. Prior to joining Investing Daily, and when not incurring student loans hiding out in academe, Jim practiced telecommunications regulatory law for nine years until he realized that he made more money trading stock options than writing briefs. For good measure, he has been a member of the Illinois and D.C. Hopelessly overeducated, Jim holds a bachelor's degree from Yale University, a master's degree from Harvard's Kennedy School of Government, a law degree from Columbia University, and an MBA from the University of Virginia's Darden School of Business. Jim also serves as an investment analyst at Investing Daily’s flagship investing publication, Personal Finance. He has traded options for more than 30 years and generated personal profits of more than $5 million. Jim Fink is chief investment strategist for Options for Income, Velocity Trader, and Jim Fink's Inner Circle. ![]()
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