Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:A McKinsey Alum Takes Over the Fourth Largest U.S. Retail Asset Management Biz Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, September 16, 2015

A McKinsey Alum Takes Over the Fourth Largest U.S. Retail Asset Management Biz

News summary by MFWire's editors

Frank Porcelli is handing over the U.S. retail reins at BlackRock [profile], yet he's not leaving.

Francis Porcelli
BlackRock
Managing Director, Head of U.S. Wealth Advisory
Yesterday Larry Fink (chairman and CEO of BlackRock) and Rob Fairbairn (global head of retail and iShares) informed their team via a memo that Porcelli, head of U.S. wealth advisory, will be succeeded by Salim Ramji. Porcelli will become chairman of USWA. Both Porcelli and Ramji will report to Fairbairn.

Sabrina Willmer of Bloomberg broke the news.

Ramji joined BlackRock last year as head of corporate strategy. Geraldine Buckingham, head of Americas strategy, will succeed Ramji as head of corporate strategy and report to Fink himself. There's no word yet on how Buckingham's old duties will be handled.

As of June 30, BlackRock had $4.72 trillion in AUM, more than any other asset manager in the globe. USWA now has $980 billion in AUM, nearly 21 percent of BlackRock's total. And the memo confirms that USWA brings in more than $3.5 billion in annual revenue; that's nearly 32 percent of BlackRock's $11.081 billion in total revenue last year.

In the memo, a copy of which was obtained by MFWire, Fink and Fairbairn praise Porcelli as "the architect of [BlackRock's] retail business strategy and a driver of USWA's success." Porcelli has led the business for 11 years, and now he "step back from managing that business day to day" to focus instead "on developing offerings for emerging channels such as FutureAdvisor," the roboadvisor BlackRock is about to acquire.

"We see significant opportunities ahead for our retail franchise," Fink and Fairbairn write in the memo. "No other firm has our breadth of clinet-focused products and services. We also are pioneering new ways to engage home offices, advisors and investors in critical conversations around retirement and building better portfolios."

An alumnus of the University of Toronto and of Cambridge, Ramji was a lawyer in London and Hong Kong, specializing in corporate finance and M&A. He later became a senior partner at McKinsey, lead its asset management and retirement practice areas.

An alumnus of Goldman Sachs and Putnam, Porcelli joined what is now BlackRock 10 years ago. 

Edited by: Neil Anderson, Managing Editor


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2025: Q3Q2Q1
2024: Q4Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly


    Sorry, no records in the database matched your search parameters. Clich back and try again.



  1. Nicsa webinar - New research by Alex Edmans and the Diversity Project - The Power of diverse thinking: How the best teams make decisions, July 1
  2. MFDF Director Discussion Series - Open Forum, July 9
  3. MFDF webinar - Mid-Year Tax Update for Registered Investment Companies, July 10
  4. MFDF Director Discussion Series - Open Forum (Philadelphia), July 15
  5. 2025 MMI Women in Advisory Solutions Forum, Jul 15-16
  6. Nicsa webinar - How Trusted GenAI is Transforming Data Access in Asset Management, July 16
  7. MFDF webinar - M&A and Consolidation in Asset Management, July 16
  8. MFDF webinar - ETF Conversions, July 17
  9. MFDF Director Discussion Series - Open Forum (New York), July 22
  10. MFDF Ask Anything webinar - AI Edition, July 24
  11. MFDF webinar - Use of Derivatives by RICs, July 29
  12. MFDF Director Discussion Series - Open Forum (Columbus, Ohio), August 20
  13. Samfund Soiree Boston 2025, August 21
  14. MFDF webinar - The Audit Committee Chair's Guide to Balancing Duties and Emerging Issues, September 3
  15. ICI ETF Conference, Sep 8-10
  16. Nicsa webinar - Reimagining Reconciliation: AI, Regulation, and Capital Markets Transformation, September 10
  17. MFDF webinar - Series Trust Funds - Compliance and Board Reporting, September 10
  18. MFDF In Focus - Board Oversight of DEI in Current Landscape, September 11
  19. MFDF webinar - MFDF 15(c) White Paper Webinar Series: Part 4 – Enforcement Action Takeaways, September 16
  20. MFDF webinar - Latest in Closed-End Funds Litigations, September 23
  21. MFDF webinar - Fixed Income Insights: Navigating Market Trends & Opportunities, September 24
  22. MFDF webinar - Risk Management Essentials for RICs and Boards, September 29
  23. MFDF webinar - Diligent - Tools for Fund Board Book, October 1
  24. 10th annual Fuse Forum, October 8
  25. MFDF webinar - Essential Strategies in Board Oversight of Operational Risk Management, October 14
  26. 2025 MMI Annual Conference, Oct 15-17




©All rights reserved to InvestmentWires, Inc. 1997-2025
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use