BlackRock turned to an internal hire to replace its global human resources chief, who departed in July after violating company policy.
Manish Mehta, who previously headed markets and investments for BlackRock’s ETFs and Index Investments group, will report to CEO Larry Fink and join the firm’s global executive committee, according to a memo.
Mehta replaces Jeff Smith, the former head of global human resources, who left the world’s largest asset manager after failing to adhere to an unspecified company policy. Fink said in the memo that he met with both internal and external candidates for the position.
“Through that process it became exceedingly clear to me that Fink wrote.
Mehta formerly worked at Barclays Global Investors, which BlackRock acquired in 2009. Though he left after the merger, Fink became personally invested in bringing him back to the company, he said.
The average expense ratio among the leading 20 is nearly 40 basis points cheaper than what investors paid on average last year.
Rob Fairbairn, who became interim human resources chief following Smith’s departure, will return to his duties as vice chairman, focused on the firm’s most important global clients, according to the memo.
Melissa Garville, a spokeswoman for BlackRock, declined to comment beyond the memo.
BlackRock has seen other turnover in the highest ranks of its human resources department this year. Donnell Green, the company’s human resources chief for the Asia Pacific region, left in June.
Bloomberg News
