![]() Wealth Advisory, Small also headed the company’s iShares division, and has a background in capital markets investment management, Warren noted. Separately, Warren wrote that Small’s service record at the asset manager may position him well to serve as a Shedlin’s successor.Īs well as serving as the head of U.S. lawmakers and politicians over its environmental, social and corporate governance (ESG) policies.īut the company’s appointment of Small as CFO was not prompted in some way by the company’s ongoing ESG tug-of-war with conservative politicians, according to G reggory Warren, a senior analyst at Morningstar. “No to the ESG question,” Warren wrote in an emailed response to questions. The announcement of Small’s appointment comes as BlackRock continues to tussle with conservative U.S. Shedlin will be staying with the firm and his departure will occur after reporting season, factors that should help to soothe investors’ nerves, Siefert said. “Certainly, they don't want to make any strategic moves that could backfire,” she said.īlackRock’s stock was trading up nearly 5%, a healthy boost that indicates investors are taking the transition in stride. “Given their size and how much they dominate the market, I think they're going to have to be very careful,” she said, noting the current Justice Department’s sensitivity to anti-competitive moves by corporations. Elevating Small, someone from the wealth side of things, into the CFO position could be a sign the company is looking to further expand into the ultra-high net worth or private equity space, areas where strategically, the company has not “made as big of a push,” Seifert said. Small, who joined BlackRock in 2006, served as an associate for global law firm Davis Polk & Wardwell LLP before moving to the asset manager, according to his LinkedIn page. He has also held previous executive roles for Citigroup. Shedlin, whose background is in investment banking, served as vice chairman, investment banking and managing director in the financial institutions group for Morgan Stanley prior to joining BlackRock, according to a company biography. Shedlin is 60, according to the company’s April 14 proxy filing which did not include Small’s age. Shedlin has served as BlackRock’s CFO for nearly a decade since joining the company - which, managing approximately $10 trillion in assets, is the world’s largest asset manager - in 2013.
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