BlackRock Expands Top Management To Boost Active Returns

BlackRock Expands Top Management To Boost Active ReturnsBlackRock Inc. (BLK), seeking to reverse withdrawals from active funds and boost assets as its acquisition spree ends, is expanding top leadership and shaking up its investment unit in the most sweeping overhaul since it became the world’s largest asset manager.

BlackRock is adding eight executives to its global executive committee, led by Chief Executive Officer Laurence D. Fink, bringing the total to 21, according to an internal memo sent today to employees, a copy of which was obtained by Bloomberg News. The portfolio-management group headed by Rich Kushel will be replaced by five new investment units, and Kushel will become deputy chief operating officer, working under President Robert Kapito and COO Charles Hallac.

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