BlackRock To Expand US Ultra Wealthy Advice Unit - Report

Matthew Smith

14 October 2008

BlackRock, the US asset manager part owned by Merrill Lynch, said it would grow its ultra high net worth advisory business in the US and possibly elsewhere in the world because of increased demand for its services.

Brian Feurtado, a BlackRock managing director who runs the company’s wealth management unit specialising in advice for individuals with at least $100 million, told a Reuters Summit he would add five people to staff of 15.

Mr Feurtado said this year alone BlackRock received 48,000 resumes from people looking for all types of positions at the firm, which has 70 offices in 19 countries.

Mr Feurtado said he and his colleagues are fielding calls day and night from worried investors seeking help for their portfolios following the recent turmoil in global markets.

BlackRock managed $1.43 trillion in assets as of end-June and is the largest publicly traded asset manager in the US.