In this article, Mark Wiedman, a senior executive at BlackRock for over 20 years, is reported to be leaving the asset management firm, as per a source familiar with the situation. Wiedman, who has been leading the global client business for the past two years, was considered a potential candidate to succeed Chief Executive Larry Fink.
Wiedman played a key role in advancing BlackRock’s growth in passive investing. During his tenure from 2011 to 2019, he oversaw the firm’s exchange-traded and index strategies, resulting in a significant increase in assets under management from $500 billion to $1.7 trillion.
He initially joined BlackRock in 2004 to manage the company’s support to governments and financial institutions during the financial crisis. BlackRock, the world’s largest asset manager, achieved a milestone of $11.5 trillion in assets under management in the fourth quarter. The firm made notable acquisitions last year to bolster its presence in private credit and alternative investments.
In December, BlackRock announced the acquisition of HPS Investment Partners for $12 billion in stock, aiming to strengthen its foothold in the private credit sector. Additionally, the firm acquired Global Infrastructure Partners, an infrastructure investor, for $12.5 billion in the previous year.
