Citigroup Equity Derivatives Head Lord Leaves for BlackRo

Rachel Lord, head of corporate equity derivatives at Citigroup Inc. (C), left to join BlackRock Inc. (BLK), one of the U.S. bank’s biggest clients.

Lord, who joined Citigroup in 2009 after more than a decade at Morgan Stanley (MS), will run the European arm of iShares, BlackRock’s exchange-traded funds division, the New York-based money manager said in a memo to employees today. She replaces Joe Linhares, who will return to the U.S. at the year-end.

“Our primary challenge in Europe is growing the pie -- expanding the ways clients use ETFs,” David Blumer, head of BlackRock in Europe, the Middle East and Africa, and Mark Wiedman, global head of iShares, said in the memo. “Rachel brings together a number of capabilities we believe are essential for this next era of iShares.”

ETFs give investors exposure to baskets of stocks, bonds and other securities, and can be used to mirror indexes like the Standard & Poor’s 500 Index. Unlike mutual funds, they are traded throughout the day like stocks. Investors poured $81.6 billion into U.S. and international stock ETFs in the first seven months of this year, according to Morningstar Inc. (MORN) in Chicago.

To contact the reporters on this story: Elisa Martinuzzi in Milan at emartinuzzi@bloomberg.net; Liam Vaughan in London at lvaughan6@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net

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