Mark Wiedman, head of BlackRock’s global client business, attends the Global Financial Leaders’ Investment Summit in Hong Kong, November 8, 2023.
Tyrone Siu | Reuters
Mark Wiedman, a senior BlackRock top executive with a term of office of more than twenty years is leaving the asset manager, according to an expert.
Wiedman, who headed global client operations for the past two years, was seen as a potential successor to CEO Larry Fink.
Wiedman was instrumental in driving BlackRock’s growth in passive investing. From 2011 to 2019, he led BlackRock’s exchange-traded and index strategies as assets under management at the firm rose from $500 billion to $1.7 trillion.
He joined BlackRock in 2004 to oversee the company’s emergency response to governments and financial institutions during the financial crisis.
BlackRock is the world’s largest asset manager, with assets under management reaching a record $11.5 trillion in the fourth quarter. The company made two major acquisitions last year in an effort to expand into private lending and alternatives. In December, the financial firm agreed to buy HPS Investment Partners for $12 billion worth of stock as BlackRock looks to grow its presence in the highly popular private credit space. BlackRock also acquired Global Infrastructure Partners, an infrastructure investor, for $12.5 billion last year.