(March 27, 2013) — The world’s largest asset manager has appointed the former CIO of a major European re-insurance specialist to lead its charge in Europe, the Middle East, and Africa (EMEA).
David Blumer is to join BlackRock on April 8 in the newly-created role as head of EMEA, the company announced today. He had most recently been CIO at reinsurance firm Swiss Re, which he left in October last year.
Blumer had joined Swiss Re in 2008 as head of asset management and in 2010 became chairman of Admin Re, an arm of the firm responsible for acquiring closed blocks of life insurance business.
In October 2010, Blumer told aiCIO about the challenges he faced joining the huge reinsurer.
Previously, the Swiss national had worked at Credit Suisse, eventually becoming CEO of asset management.
The US-based firm said Blumer would be “responsible for developing BlackRock’s strategic plan for EMEA, building strategic client and partner relationships, and ensuring strong investment performance, operating and regulatory standards in the region. As head of EMEA, Mr Blumer will serve as BlackRock’s executive representative with the UK Financial Services Authority (FSA). He will chair BlackRock’s EMEA Executive Committee and join its Global Executive Committee as a senior managing director”.
In July last year, BlackRock entered a definitive agreement to acquire Swiss Re Private Equity Partners, the European private equity and infrastructure fund of funds franchise of the reinsurance company. The deal is set to close in the third quarter of this year.
BlackRock also announced that the current chairman of EMEA would take on new responsibilities. James Charrington, who remains in the chair, will also focus on regulation, governance, and people.
The firm said Charrington would engage on broad regulatory issues as BlackRock’s primary liaison with the UK government.
Charrington joined Mercury Asset Management in 1993 and has stayed with the firm through its various guises, mainly on the retail side of the business. He was appointed executive chairman of EMEA in 2010, and has presided over regional asset growth reaching $1.156 trillion—around 31% of Blackrock’s global assets under management.
The moves are subject to approval by the UK’s FSA.
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