Blackrock has appointed Sarah Melvin to the newly created role of head of UK.
The move is a part of a wider managerial re-shuffle and business re-structure at the world’s largest asset manager.
In an internal memo seen by Money Marketing and sent to employess on Tuesday, Blackrock president Rob Kapito and chief executive Larry Fink wrote: “We need to be able to adapt quickly as the world changes around us. One way we develop this type of leader is by regularly moving people into new roles.”
The news follows Blackrock’s January annoucement, which revealed the changes at the company would cut 500 jobs in the process.
“Closer to clients”
The company said that by orienting more of its client businesses regionally, it aims to respond quickly to local client needs and preferences.
Kapito and Fink wrote: “People want and need help navigating an ever more complex world. They need a partner who can invest globally, yet at the same time be in tune with local realities and nuances.”
The company said the UK is one of its most important businesses globally with over $840bn of assets managed on behalf of British institutional and wealth clients.
Melvin has 13 year career at Blackrock both in the USA and the UK. She was most recently head of the institutional client business for USA and Canada. Previously was chief of staff to chairman and chief executive Larry Fink.
Prior to that, she was chief operating officer of Europe, Middle East and Africa retail and co-head of global corporate strategy. The company said Melvin takes the mandate to “lead holistic coverage across our UK clients, who represent nearly 10 per cent of the firm’s revenues.”
Melvin will report to head of Europe, Middle East and Africa Rachel Lord. She will assume her position in May.