Mark Wiedman, a senior BlackRock executive with a tenure that spans more than 20 years, is leaving the asset manager, according to a person familiar with the matter.
Wiedman, head of the global client business for the past two years, was believed to be a potential successor to Chief Executive Larry Fink.
Wiedman was instrumental in driving BlackRock's growth in passive investing. From 2011 to 2019, he led BlackRock's exchange-traded and index strategies while assets under management in the business increased from $500 billion to $1.7 trillion.
He joined BlackRock in 2004 to oversee the firm's emergency assistance to governments and financial institutions during the financial crisis.
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BlackRock is the world's largest asset manager with assets under management hitting a record $11.5 trillion in the fourth quarter. The firm made two big acquisitions last year in a push to expand in private credit and alternatives. In December, the financial firm agreed to buy HPS Investment Partners for $12 billion in stock, as BlackRock looks to grow its presence in the highly popular private credit space. BlackRock also acquired Global Infrastructure Partners, an infrastructure investor, for $12.5 billion last year.