Mark McCombe, who is the current Asia Pacific chairman, has been named as global head of the institutional client business and chairman of BlackRock Alternative Investors, based in New York.
BlackRock, a leading investment manager with $4.324 trn in assets under management, said McCombe will continue to serve as Asia Pacific chairman until the end of 2014. This will facilitate a smooth leadership transition for Stork who will assume the chairman role at the end of the year.
Stork has been with BlackRock for more than 13 years handling series of leadership roles and will relocate to Hong Kong from New York.
McCombe succeeds Rob Goldstein as head of the institutional client business following Goldstein’s appointment as BlackRock’s chief operating officer.
Laurence D. Fink, chairman and chief executive of BlackRock said: “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 maximize their impact with the firm and our clients. This is the key driver of management changes we are announcing today.”
Fink said McCombe has put the Asia Pacific region on a “sustainable” growth path and has also been instrumental in the growth of alternatives and real estate investment capabilities, with the acquisition of MGPA in 2013.
Stork has a “broad” global experience and a “record” of growing a strategic business and has played a key role in leading integration among BlackRock’s client businesses in Europe, the Middle East and Africa, Fink added.
According to reports, BlackRock is reorganizing its senior management as the world's largest money manager works towards an eventual succession plan for 61-year-old Fink who is a co-founder.
