BlackRock's active equity boss sacked after work relationship policy breach

On the 12/05/19 at 4:01PM


Adrien Paredes-Vanheule

Mark Wiseman, global head of active equities at BlackRock, leaves the firm after failing to disclose romantic relationship with a co-worker.
Mark Wiseman

The contract of Wiseman, who was shortlisted as potential heir to BlackRock's CEO Larry Fink, has been terminated following an alleged "violation of the company's relationships at work policy", citing an internal memo signed by Fink and BlackRock's president Rob Kapito.

"This is not who BlackRock is. This is not our culture. We expect every employee to uphold the highest standards of behavior. This is especially critical for our senior leaders," the memo reads. It highlights that the leaders of the firm's active Equity teams who previously reported to Wiseman will report to Kapito.

Wiseman was also the chairman of BlackRock Alternative Investors (BAI). BlackRock said there will be no changes there as Edwin Conway, global head of BAI, will continue to report to Kapito.

Wiseman had joined BlackRock in 2016 from the Canada Pension Plan Investment Board (CPPIB) where he held roles of president and CEO between 2012 and 2016. His departure forms the second major exit because of personal conduct reasons for the almost $7trn US asset manager in 2019. A situation that Fink and Kapito find "deeply disappointing." The group's former human resources chief Jeff Smith had left earlier this year after failing to adhere to the company policy.

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