Another asset management giant is shifting its focus away from the Big Apple somewhat, this time to the west.
"BlackRock is pivoting its business to the US west coast," the Financial Times reports
. Though the world's largest asset manager is based in New York City, CEO Larry Fink
is moving head of Americas Mark McCombe
's big office in San Francisco. In a staff memo highlighted by the paper, Fink and president Rob Kapito
say the move reflects the "critical importance to BlackRock of tapping the innovation taking place on the west coast." San Francisco was the U.S. headquarters for Barclays Global Investors before BlackRock bought the firm after the financial crisis, and BlackRock continues to have a big presence there.
takes advantage of McCombe's move to update readers on the rumored contenders to eventually succeed Fink, who just turned 65 last week. Per the paper, the contenders include: Rob Goldstein
, chief operating officer; Kapito; McCombe; Mark Wiedman
, global head of iShares and index investments; and Mark Wiseman
, head of equities.
McCombe's move west comes two months after Fink refocused
McCombe solely on being head of the Americas. He previously also led BlackRock's alternative investors division.
The move also comes a month after the WSJ reported
that AB's new chief is considering moving some NYC staff down to Charlotte, North Carolina or San Antonio, Texas.
Neil Anderson, Managing Editor
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