Blackrock vice chair and co-founder Barbara Novick to step down
Blackrock’s co-founder and vice chairman Barbara Novick will step down from her current role at the world’s largest asset manager, according to an internal memo.
The 59-year-old will remain vice chair while she helps Blackrock find a successor, the memo said. She will then serve as a senior adviser to the company.
Novick, who has worked at the asset manager for 32 years, has been at the centre of Blackrock’s engagement with regulators.
Under her watch, the firm escaped the “systemically important financial institution” designation, which would have increased supervision and costs.
Once Novick leaves, less than half of Blackrock’s eight co-founders will remain at the firm.
Blackrock chief executive Larry Fink and president Rob Kapito paid tribute to their trusted deputy in the memo. They said she had achieved “ 32 years of extraordinary accomplishment at Blackrock”.
They said Novick is stepping down now “because she feels that this is an ideal moment for a transition”.
“Much of the post-financial crisis policy work that Barbara led is largely implemented, and she has greatly enhanced our stewardship practices, including our commitment to transparency.”
Novick’s departure comes after Mark Wiseman, global head of active equities, left the company in December following a violation of the firm’s work relationships policy. He engaged in a consensual relationship with a colleague but failed to report it.
Wiseman was one of a handful of candidates tipped to replace Fink, although the chairman and chief executive has not announced any plans to retire.
Last month, Blackrock’s quarterly accounts showed that the firm beat profit estimates in the final quarter of 2019.
The asset manager was helped by people snapping up its exchange-traded fund products, helping boost its overall assets under management to a record $7.4 trillion (£5.7 trillion).