Mark Wiedman, Head of Global Client Business at BlackRock, will attend the Global Financial Leaders Investment Summit in Hong Kong, China on November 8, 2023.
Tyrone Siu | Reuters
Mark Wiedman, who served as a senior BlackRock executive for more than 20 years, is leaving the asset management firm, people familiar with the matter said.
Mr. Wiedman, who has served as head of global client operations for the past two years, was seen as a possible successor to CEO Larry Fink.
Mr. Wiedman helped drive BlackRock’s growth in passive investing. From 2011 to 2019, he led BlackRock’s public equity and indexing strategies, increasing the business’s assets under management from $500 billion to $1.7 trillion.
Mr. Wiedman joined BlackRock in 2004 and oversaw the firm’s emergency assistance to governments and financial institutions during the financial crisis.
BlackRock is the world’s largest asset manager, with assets under management reaching a record $11.5 trillion in the fourth quarter. The company made two major acquisitions last year in an effort to expand private credit and alternatives. BlackRock is looking to expand its presence in the popular private credit space, with the financial firm in December agreeing to buy a stake in HPS Investment Partners for $12 billion. Last year, BlackRock acquired infrastructure investment firm Global Infrastructure Partners for $12.5 billion.
