Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:A McKinsey Alum Takes Over the Fourth Largest U.S. Retail Asset Management Biz Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, September 16, 2015

A McKinsey Alum Takes Over the Fourth Largest U.S. Retail Asset Management Biz

News summary by MFWire's editors

Frank Porcelli is handing over the U.S. retail reins at BlackRock [profile], yet he's not leaving.

Francis Porcelli
BlackRock
Managing Director, Head of U.S. Wealth Advisory
Yesterday Larry Fink (chairman and CEO of BlackRock) and Rob Fairbairn (global head of retail and iShares) informed their team via a memo that Porcelli, head of U.S. wealth advisory, will be succeeded by Salim Ramji. Porcelli will become chairman of USWA. Both Porcelli and Ramji will report to Fairbairn.

Sabrina Willmer of Bloomberg broke the news.

Ramji joined BlackRock last year as head of corporate strategy. Geraldine Buckingham, head of Americas strategy, will succeed Ramji as head of corporate strategy and report to Fink himself. There's no word yet on how Buckingham's old duties will be handled.

As of June 30, BlackRock had $4.72 trillion in AUM, more than any other asset manager in the globe. USWA now has $980 billion in AUM, nearly 21 percent of BlackRock's total. And the memo confirms that USWA brings in more than $3.5 billion in annual revenue; that's nearly 32 percent of BlackRock's $11.081 billion in total revenue last year.

In the memo, a copy of which was obtained by MFWire, Fink and Fairbairn praise Porcelli as "the architect of [BlackRock's] retail business strategy and a driver of USWA's success." Porcelli has led the business for 11 years, and now he "step back from managing that business day to day" to focus instead "on developing offerings for emerging channels such as FutureAdvisor," the roboadvisor BlackRock is about to acquire.

"We see significant opportunities ahead for our retail franchise," Fink and Fairbairn write in the memo. "No other firm has our breadth of clinet-focused products and services. We also are pioneering new ways to engage home offices, advisors and investors in critical conversations around retirement and building better portfolios."

An alumnus of the University of Toronto and of Cambridge, Ramji was a lawyer in London and Hong Kong, specializing in corporate finance and M&A. He later became a senior partner at McKinsey, lead its asset management and retirement practice areas.

An alumnus of Goldman Sachs and Putnam, Porcelli joined what is now BlackRock 10 years ago. 

Edited by: Neil Anderson, Managing Editor


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly


  1. MFDF webinar - Lessons Learned from the Regional Bank Volatility and the Impact on Registered Funds, June 18
  2. IMEA webinar - Snapshot on the Talent Landscape, June 18
  3. 2024 MMI National Accounts Roundable, June 18
  4. MMI webinar - RIA Consolidators: The New Key Accounts?, June 20
  5. MFDF Director Discussion Series - Open Forum (Philadelphia), June 20
  6. MMI webinar - DoL Fiduciary Rule Update: What Are the Implications?, June 21
  7. WE Chicago - Pre-Morningstar Conference reception, June 25
  8. Celebrating 100 Years of the Mutual Fund, June 25
  9. New York YPEM Cornhole Classic, June 25
  10. Morningstar Investment Conference Conference 2024, Jun 26-27
  11. 2024 MMI Institutional Roundtable, June 26
  12. WE PNW Seattle - Pickleball and Networking, June 27
  13. Celebrating 100 Years of the Mutual Fund, July 11
  14. MFDF webinar - Mid-Year Tax Update for Registered Investment Companies, July 16
  15. MFDF Director Discussion Series - Open Forum via Zoom, July 17
  16. MFDF Director Discussion Series - Open Forum (New York), July 23
  17. IMEA Portfolio Construction Roundtable, September 19
  18. MFDF Continuing Regulatory Impacts on Fund Boards program, October 15
  19. 2024 MMI Annual Conference, Oct 15-17
  20. IMEA Philanthropic Day, October 22
  21. IMEA Leadership Summit, October 23
  22. IMEA Star Awards Celebration, October 23
  23. IMEA Marketing Summit, October 24
  24. 5th Annual ETFGI Global ETFs Insight Summit, October 29
  25. MFDF Director Discussion Series - Open Forum (Denver), November 6
  26. MFDF webinar - Digital Assets in the Fund Space (part 2 of 2), November 7




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use