BlackRock Inc., the world’s biggest money manager, hired Swiss Re Ltd.’s former chief investment officer, David Blumer, as head of Europe, the Middle East and Africa.
Blumer, 44, who stepped down as Swiss Re CIO in October, will take up the newly created position at BlackRock on April 8, the New York-based money manager said today in an e-mailed statement. His appointment is subject to regulatory approval by the U.K. Financial Services Authority.
“Blumer will be responsible for developing BlackRock’s strategic plan for EMEA, building strategic client and partner relationships, and ensuring strong investment performance, operating and regulatory standards in the region,” the company said.
Blumer, who worked at Credit Suisse Group AG before joining Swiss Re, will serve as BlackRock’s executive representative with the FSA and will join the firm’s global executive committee as a senior managing director. His appointment comes six months after former Swiss central bank president Philip Hildebrand joined BlackRock as London-based vice chairman to oversee the firm’s relationships with institutional clients outside the U.S.
BlackRock Chief Executive Officer Laurence D. Fink has made other changes to the firm’s top ranks in recent months, announcing in February that the firm’s long-time strategic and financial adviser Gary Shedlin would become chief financial officer and Ann Marie Petach would move to a client-oriented job at the firm’s investment institute. In January, the firm said Hsueh-Ming Wang, a former Goldman Sachs Group Inc. executive, would join as chairman of BlackRock China.
Last week, BlackRock said it was planning on exiting the direct private equity investing business as it focuses on its fund-of-funds business. The firm last year acquired a fund-of-funds unit from Swiss Re, helping BlackRock to double assets in private-equity funds-of-funds to $15 billion.
James Charrington, chairman of EMEA, will assume a new role focusing on regulation, governance and people, BlackRock said.