Global iShares lead promoted, successor named

The global head of BlackRock iShares and index investments has been promoted.

BlackRock has confirmed the promotion of Mark Wiedman to head of international and corporate strategy. Wiedman will report directly to BlackRock chief executive Larry Fink.

The market anticipates Wiedman is being lined up as a potential successor to Fink, according to international press reports.

Wiedman has led the iShares and index investing businesses since 2011. He first joined the fund giant in 2004 to assist in the establishment of the Financial Markets Advisory Group.

Succeeding Wiedman is head of US wealth advisory Salim Ramji, reporting to BlackRock president Rob Kapito.

Ramji joined BlackRock in 2014 as global head of corporate strategy. In this role he oversaw the distribution of iShares products and BlackRock's suite of active products.

Ramji is a former senior partner at McKinsey & Company, having led its asset management and retirement practice areas.

The appointments come at the same time as news BlackRock is preparing to reduce its global workforce by 3%.

The trillion-dollar asset manager confirmed about 500 staff members will be let go as a result of ongoing market uncertainty, changing investor expectations and the increasingly complex environment in which it operates.

Read more: BlackRockiSharesFinancial Markets Advisory GroupLarry FinkMark WiedmanRob KapitoSalim Ramji
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