Another asset management giant is shifting its focus away from the Big Apple somewhat, this time to the west.

"BlackRock is pivoting its business to the US west coast," the Financial Times reports. Though the world's largest asset manager is based in New York City, CEO Larry Fink is moving head of Americas Mark McCombe to BlackRock's big office in San Francisco. In a staff memo highlighted by the paper, Fink and president Rob Kapito say the move reflects the "critical importance to BlackRock of tapping the innovation taking place on the west coast." San Francisco was the U.S. headquarters for Barclays Global Investors before BlackRock bought the firm after the financial crisis, and BlackRock continues to have a big presence there.

The FT takes advantage of McCombe's move to update readers on the rumored contenders to eventually succeed Fink, who just turned 65 last week. Per the paper, the contenders include: Rob Goldstein, chief operating officer; Kapito; McCombe; Mark Wiedman, global head of iShares and index investments; and Mark Wiseman, head of equities.

McCombe's move west comes two months after Fink refocused McCombe solely on being head of the Americas. He previously also led BlackRock's alternative investors division.

The move also comes a month after the WSJ reported that AB's new chief is considering moving some NYC staff down to Charlotte, North Carolina or San Antonio, Texas. 

Edited by: Neil Anderson, Managing Editor


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