BlackRock Hires JPMorgan’s Beck to Head Wirehouse Sales

BlackRock Inc., the world’s largest money manager, hired Lee Beck from JPMorgan Chase & Co. as it reorganizes its sales force, according to a memo to employees.

Beck will join the U.S. wealth advisory team and oversee sales through the firm’s wirehouse and Merrill Lynch channels starting in January, according to the memo, a copy of which was obtained by Bloomberg News. Reuters reported the changes earlier today.

BlackRock is splitting its private client-oriented team into separate groups focusing on wirehouses and independent broker-dealers, according to the memo from Frank Porcelli, head of U.S. wealth advisory.

Beck’s LinkedIn page lists him as a managing director at JPMorgan and the head of its global strategic relationship group. From 2001 to 2011, according to the LinkedIn biography, Beck worked at Pacific Investment Management Co., the BlackRock competitor struggling to stem redemptions after the surprise departure of co-founder Bill Gross.

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