Mark Wiedman, Head of the Global Client Business of BlackRock, attends the Global Financial Leaders’ Investment Summit, in Hong Kong, China Nov. 8, 2023.
Tyrone Siu | Reuters
Mark Wiedman, a senior BlackRock executive with more than 20 years of experience, is leaving the asset manager, as per a source familiar with the situation.
Wiedman, who served as the head of the global client business for two years, was seen as a potential successor to Chief Executive Larry Fink.
He played a key role in driving BlackRock’s growth in passive investing. Under his leadership from 2011 to 2019, assets under management in the exchange-traded and index strategies business grew from $500 billion to $1.7 trillion.
Wiedman joined BlackRock in 2004 to oversee the firm’s support to governments and financial institutions during the financial crisis.
BlackRock, the world’s largest asset manager, reached a record $11.5 trillion in assets under management in the fourth quarter. The firm made significant acquisitions last year to expand in private credit and alternatives, including the purchase of HPS Investment Partners for $12 billion in stock and Global Infrastructure Partners for $12.5 billion.