Asia Pacific chairman at BlackRock Asset Management Mark McCombe is set to leave the region and take up a new role at the firm in New York.
McCombe has been appointed as chairman of BlackRock Alternative Investors and global head of its institutional client business, succeeding Rob Goldstein in the latter role as Goldstein becomes the firm’s chief operating officer, according to a statement.
Ryan Stork, who has held a variety of leadership positions at BlackRock over his 13 years at the firm, will become head of BlackRock Asia Pacific, effective 1 June 2014.
McCombe will continue as chairman of BlackRock Asia until the end of this year to ensure a smooth transition, the firm said. It is unclear if the firm will appoint a new chairman of Asia Pacific following his departure from the role.
“In Asia Pacific, Mark has put the region on a sustainable growth path by building a strong leadership team, sharpening our focus on clients by providing the right product mix, and delivering quality investment performance. He has also been instrumental in the growth of our alternatives and real estate investment capabilities, with the acquisition of MGPA in 2013,” Laurence Fink, chairman and chief executive of BlackRock, said in a statement.
BlackRock completed its takeover of private equity real estate business MGPA in October last year, the firm joining the asset manager’s existing real estate business which forms part of BlackRock Alternative Investors, a division accounting for about $120 billion of BlackRock’s assets, PEI’s sister publication Private Equity Real Estate reported at the time.
As of 31 December 2013, BlackRock’s total assets under management had risen to $4.32 trillion, according to the firm.
Also in 2013, BlackRock added to its senior private equity team in Asia, hiring Jeong Hoon Lee as its head of alternative investment strategy for North Asia, just weeks after announcing that Goldman Sachs advisory director Hsueh-ming Wang had joined the firm as chairman for Mainland China, PEI reported earlier.
Ryan Stork added, “BlackRock’s business in Asia Pacific is now extremely well positioned to serve our clients and capitalise on the growth opportunities in the region. Thanks to the efforts from Mark and the rest of the team in the region, we now have a world-class investment platform with locally-relevant products and solutions to meet our clients’ most pressing investment needs.”
The senior level moves come as the firm strives to retain talent at the executive level, Fink added in the statement.
“For a number of years now we have pursued a deliberate goal of building a deep bench of executive talent. An important element of this effort has been periodically moving leaders to roles that present them with new challenges, broaden their horizons and maximise their impact with the firm and our clients. This is the key driver of management changes we are announcing today,” he explained.