BlackRock Inc has appointed Mark Wiedman global head of iShares, the biggest provider of exchange-traded funds, replacing Mike Latham, who will become chairman of the unit, Bloomberg reported.
Wiedman, a managing director who is responsible for corporate strategy at New York-based BlackRock, will report to Robert Fairbairn, head of the firm’s global client group, the reports said.
Mike Latham in his new role as a chairman will provide full-time strategic counseling and focus on advancing a three-year strategic review of iShares after taking over the new position.
BlackRock, which entered the ETF business with its December 2009 takeover of Barclays Global Investors, last year reorganized the iShares unit to unite the U.S. and foreign portions of the business.
Latham was named head of iShares as part of the revamp last July, as Rory Tobin , the former head of the international business left.
BlackRock is now pushing into actively managed ETFs as it aims to expand iShares’ more than $600 billion in assets.
Apart from his role as chairman and a member of iShares’ board of directors, Latham will continue as co-head of BlackRock’s San Francisco office, which houses 1,700 employees.
Wiedman helped start BlackRock’s advisory business and led many of the company’s assignments assisting clients in evaluating their investment portfolios during the financial crisis of 2008.
BlackRock Inc is a leading provider of investment, advisory, and risk management solutions.
