GLOBAL - BlackRock, the world's biggest asset manager, with €2.3trn worth of assets under management, has promoted its former head of international business Rich Kushel to head of portfolio management.

In a leadership shake-up following the company's acquisition of Barclays Global Investors last year, which already saw the departure of head of EMEA institutional business Mike O'Brien, Charles Hallac has also been named as sole chief operating officer.

Hallac previously shared the position with Sue Wagner, who has moved to a new executive team led by company chief executive Laurence Fink and president Robert Kapito.

Additionally, Kendrick Wilson, previously employed at Goldman Sachs, and Blake Grossman, former head of the Barclays subsidiary before the takeover, are part of the team.

The news comes after last week's announcement that Mike Latham had been named global head of its iShares ETF unit. Rory Tobin, who was head of iShares International based in London, recently departed to pursue other opportunities.

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