is reorganizing BlackRock's
] advisor distribution, and he's hiring a J.P. Morgan
] alum to lead part of the effort.
Jessica Toonkel of Reuters reports
that today Porcelli, head of the U.S. wealth advisory business at BlackRock, sent an internal memo explaining that the giant asset manager is splitting its wirehouse distribution efforts from its independent broker-dealer distribution efforts. To that end, Reuters
adds, early in 2015 former J.P. Morgan Funds global strategic relationships managing director Lee Beck
will join BlackRock to lead the wirehouse channel.
"We are preparing to capture more fully opportunities in the independents and wirehouses," Porcelli reportedly writes in the memo.
Porcelli also revealed plans to rotate sales leaders between different channels and roles.
Neil Anderson, Managing Editor
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