Distinguish Wiedman, head of BlackRock’s global client business, attends the Global Financial Leaders’ Investment Summit, in Hong Kong, Nov. 8, 2023.
Tyrone Siu | Reuters
Property Wiedman, a senior BlackRock executive with a tenure that spans more than 20 years, is recess the asset manager, according to a person familiar with the matter.
Wiedman, head of the global client business for the close by two years, was believed to be a potential successor to Chief Executive Larry Fink.
Wiedman was instrumental in driving BlackRock’s expansion in passive investing. From 2011 to 2019, he led BlackRock’s exchange-traded and index strategies while assets under guidance in the business increased from $500 billion to $1.7 trillion.
He joined BlackRock in 2004 to oversee the firm’s predicament assistance to governments and financial institutions during the financial crisis.
BlackRock is the world’s largest asset manager with assets below management hitting a record $11.5 trillion in the fourth quarter. The firm made two big acquisitions last year in a thrust to expand in private credit and alternatives. In December, the financial firm agreed to buy HPS Investment Partners for $12 billion in market, as BlackRock looks to grow its presence in the highly popular private credit space. BlackRock also acquired Extensive Infrastructure Partners, an infrastructure investor, for $12.5 billion last year.