] is switching chief financial officers
The fund goliath has hired Gary Shedlin
, formerly Morgan Stanley’s
vice chairman for investment banking and managing director in the financial institutions group. According to the company Shedlin has more than 25-years of experience advising companies in the financial services sector including stints as chairman of the financial institutions group at Citigroup
and managing director and co-head of the Financial Institutions Group at Lazard
He replaces Ann Marie Petach
, who is moving to BlackRock Solutions
as senior managing director in the Client Solutions business, “where she will help to develop critical client relationships and business initiatives with a special focus on solutions offerings for public and private pension funds,” according to a company press release.
According to the press release
, Shedlin has a long history advising Blackrock.
Does this mean Blackrock is catching acquisition fever?
Blackrock outright denies this in a story published by Reuters
Should we buy this? On the one hand, the company has completed two major ETF deals in the past 12-months: the purchase of of Canadian ETF shop Claymore to create iShares Canada
and the recently closed purchase of Credit Suisse’sEuropean ETF business
. The company clearly has shown an appetite for smaller ETF sponsors, and not all shops have demonstrated a mastery of these deceptively simple-looking index products.
On the other hand, Blackrock has expressed concerted plans for organically crushing its competition on numerous occasions. For example, during a recent earnings call
chief executive Larry Fink
displayed an Alexander the Great
-level of appetite for world conquest.
For example, the company is planning massive education campaigns
and aggressive initiatives pushing its iShares alpha solution products
Blackrock already set the foundation for a major organic growth push last October when it reorganized its sales force
. It is now setting the stage for future fee battles by re-examining its relations with its indexers.
One important question to ask: Is there any area where Blackrock can’t do immense an amount of competitive damage organically?
If such a niche indeed exists, then maybe that could be a place for Blackrock acquisition fever.
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