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BlackRock reports on the management of the Financial Times



BlackRock once again shakes its leadership position by reviewing geographical reporting lines and popularizing a new group of executives to lead their business with "alternatives," one of the hottest areas of Wall Street.

raised Edwin Conway to manage BlackRock Alternatives Investments, according to a report released on Tuesday by the Financial Times . Mr. Conway, who previously served as the manager of the institutional fund manager's client group, will be tasked with building up the increasingly popular field of alternative investments – mostly hedge funds and private equity investment portfolios ̵

1; which promotes intense competition between managers of funds due to significant fees for the

The news comes a day after BlackRock announced it has raised $ 2.75 billion for a private equity fund that originally hoped to win $ 12 billion. Last month, the company also bought eFront,an alternative investment technology for $ 1.3 billion

This move puts Mr. Conway as a possible contender for success for Larry Fink, CEO of BlackRock. Another contender, Mark Wiseman, will retain his role as chair of the alternative division.

In January, Fink appointed Mark Wydman, a former leader in the growth of his low-priced business to manage the international and corporate strategy.

BlackRock also announced numerous changes to its role as a customer. Mark McCombbe will take on a new role as chief client, supervising business customers in the US and Canada, according to the note.

Richie Prager, head of trade and liquidity strategies, will retire in July.

BlackRock said changes are needed to cope with the challenges faced by the investment management industry, as the pressure on cheap products pushes revenue down.

"These trends represent the biggest opportunity for a decade to differentiate BlackRock – but only if we are ready to be brave and decisive," the note says.


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