blackrock inc (BLK) Key Developments
BlackRock Announces Executive Changes, Effective from June 1
Apr 7 14
BlackRock is reorganizing its senior management, resulting in new or expanded roles for at least ten of its senior executives and aimed at finding a successor to chairman and chief executive officer Laurence Fink. Meanwhile, Fink, and Robert Kapito, president of the company, will continue in their roles. BlackRock's chief operating officer Charles Hallac will assume a new role as co-president of BlackRock, effective from June 1. Hallac, who is battling colon cancer, was one the company's first employee in 1988 and the creator of the Aladdin trade management system. The client businesses, investment groups and product management will continue to report to Hallac and Kapito. Robert Goldstein, currently global head of BlackRock's Institutional Client Business or ICB and BlackRock Solutions or BRS, will become chief operating officer of the company. He will succeed Hallac. Mark McCombe, who is currently serving as chairman of BlackRock Asia Pacific or APAC, will become global head of BlackRock's ICB, based in New York. He will succeed Goldstein. To facilitate a smooth leadership transition in APAC, McCombe will continue to serve as its chairman through year-end. In addition, McCombe will become chairman of BlackRock Alternative Investors or BAI. He will work with Andy Stewart and Matt Botein, who will continue to co-head the alternatives business, and Edwin Conway, who in addition to leading ICB in the U.S. and Canada, is responsible for the Alternative Investors Strategy Group. Rich Kushel will become BlackRock's chief product officer. Kushel is currently head of strategic product management. He will also continue to oversee the BlackRock Investment Institute and the company's corporate governance and responsible investment team. BlackRock said that Salim Ramji, a Senior Partner at McKinsey & Co., will join the company later in April as global head of corporate strategy. Sudhir Nair, currently head of business development and implementations & delivery for the Aladdin Business, will become global head of the Aladdin Institutional Business. Ryan Stork, global head of the Aladdin business within BlackRock Solutions, will become head of BlackRock Asia Pacific, based in Hong Kong. Quintin Price, who has led the revitalization of Alpha Strategies, will move to New York. Investor Relations and Corporate Development, that were part of the strategy organization, will now become part of Finance, reporting to Chief Financial Officer Gary Shedlin.
BlackRock, Inc. Enters into Amendment No. 3 to its Five-Year Revolving Credit Agreement
Mar 31 14
On March 28, 2014, BlackRock, Inc. (BlackRock) and certain of its subsidiaries entered into Amendment No. 3 (Amendment No. 3) to its Five-Year Revolving Credit Agreement, dated as of March 10, 2011, as amended by Amendment No. 1 thereto, dated as of March 30, 2012, and Amendment No. 2 thereto, dated as of March 28, 2013 (the Existing Credit Agreement), with Wells Fargo Bank, National Association, as administrative agent, swingline lender, issuing lender, L/C agent and a lender, and the banks and other financial institutions referred to therein. Among other things, Amendment No. 3 provides new reduced pricing terms, extends the maturity date (the Maturity Date) of the revolving credit facility under the Existing Credit Agreement (the Revolving Facility) to March 28, 2019 without utilizing BlackRock's option to request extensions of the Maturity Date available under the Existing Credit Agreement and adjusts the letter of credit fronting exposure amongst certain lenders. Except as modified by Amendment No. 3 as described herein, the terms of the Revolving Facility remain the same. Bank of America, N.A. is a lender under Existing Credit Agreement and Amendment No. 3 thereto.
BlackRock Alternative Investors Presents at Middle East Investment Summit 2014, Mar-27-2014 11:40 AM
Mar 24 14
BlackRock Alternative Investors Presents at Middle East Investment Summit 2014, Mar-27-2014 11:40 AM. Venue: Ritz-Cariton DIFC, Dubai, United Arab Emirates. Speakers: Jim Barry, Managing Director, Chief Investment Officer of the Renewable Power Group.
Blackrock Inc Hires Christopher Jones as Chief Investment Officer
Mar 18 14
BlackRock Inc. has hired Christopher Jones, as chief investment officer. Jones replaces Chris Leavy, who went on medical leave in June of last year. Jones was formerly with Robert Fleming & Co.
BlackRock Names Helen Zhu as Managing Director and Head of China Equities Business, Effective April 7, 2014
Mar 10 14
BlackRock has named Helen Zhu as new managing director and head of its China equities business effective April 7, 2014. In his new role, Zhu will report to Andrew Swan, head of Asian equities. Zhu will start managing funds later this year subject to regulatory approvals. Prior to joining BlackRock, Zhu has worked at Goldman Sachs for eight years, most recently serving as managing director, chief China equity strategist.