BlackRock appoints new CFO

Martin Small, BlackRock's wealth executive will replace Gary Shedlin as chief financial officer.

Small - the head of the US Wealth Advisory business for the past four years,  has vastly expanded BlackRock's capabilities for wealth clients," said BlackRock chair and chief executive, Larry Fink.

"Martin has had a truly 'One BlackRock' career at the firm, working across a diverse mix of teams that give him a broad and deep knowledge of the firm and our people," he said.

"As Martin steps into this new role as CFO, BlackRock and our shareholders will benefit from his broad understanding of the firm, sharp intellect and years of experience working with our clients in charting the path forward."

The incoming CFO -  who joined BlackRock in 2006 -  previously served as head of iShares in the US and Canada and in leadership roles for BlackRock's Financial Markets Advisory unit," the US$8.5 trillion fund said in a statement.

Shedlin, who had been an outside financial adviser to the firm and later became its CFO, will become a vice chairman, working with strategic clients.

Fink said Shedlin had been involved with BlackRock for many years: first as our outside financial advisor and for the past decade as our finance.

"As an investment banker, he played a key role in our most transformational transactions.

"And as CFO, Gary has helped lead BlackRock through a crucial decade of the firm's history.

"We are lucky that he will continue to play a vital role with the firm - now working more closely with clients who can benefit from his deep experience and strategic insight."