(March 5, 2013) – BlackRock’s Steve Rumbles, a managing director and head of the firm’s defined contribution business in the United Kingdom, has stepped down, a spokesperson at the company has confirmed.
“We can confirm that, after 25 successful years with BlackRock, Steve Rumbles, Head of UK Defined Contribution, has decided to take a break from the industry and will leave the company later this month,” the spokesperson said in an email to aiCIO. “Steve’s responsibilities have been assumed on a temporary basis by Arno Kitts, Head of BlackRock’s UK institutional business.”
London-based Rumbles has held prominent positions in the defined contribution space since 1997, when he started with Merrill Lynch Investment Managers and led its DC division. He left Merrill in 2006, and took over the top UK spot for DC at BlackRock, which is one of the largest DC providers in the region.
BlackRock does not currently have a global head of DC, but sources say the firm is considering creating the position in the wake of Rumbles departure.
On behalf of the company, the BlackRock spokesperson concluded, “We wish Steve every success in his future endeavours and thank him for his considerable service to BlackRock over the years.” —Elizabeth Pfeuti & Leanna Orr