BlackRock has reshuffled the leadership across its investment business, pulling all of its active equity strategies into one team and bolstering its multi-asset capability.
The fund management group has announced that from 1 February, Rich Kushel, chief product officer and head of strategic product management, will take on the role of head of multi-asset strategies (MAS).
In addition, Pierre Sarrau, deputy CIO of MAS, will be promoted to CIO.
Elsewhere, head of international fixed income Tim Webb will become the global head of fixed income.
Meanwhile Rick Rieder, chief investment officer of fundamental fixed income, will assume the role of CIO of global fixed income.
The group says as a result of the market environment characterised by “more volatility, lower beta and increased dispersion”, clients are increasingly looking for active equity solutions irrespective of whether they are fundamental or quantitative strategies.
It has therefore decided to bring together its Fundamental Active Equity and Scientific Active Equity groups into a unified business which will be jointly managed by Chris Jones, Nigel Bolton, Raffaele Savi and Jeff Shen.
No individual fund manager roles have been altered as part of the reshuffle.
BlackRock chairman and chief executive officer Larry Fink says: “We have regularly moved senior leaders into new roles, as we did in 2012 and 2014, with very positive benefits for them, the firm and our clients.
“A deliberate and consistent approach to reshaping our organisation to maximise the full power of BlackRock – including mapping our talent to new opportunities – is something we are deeply committed to.”