NEW YORK--(BUSINESS WIRE)--Third graph, third sentence should read: At September 30, 2010, BMACS managed $90 billion in assets (sted $100 billion).
The corrected release reads:
BLACKROCK NAMES HEAD OF U.S. FIDUCIARY MANAGEMENT SOLUTIONS; NANCY EVERETT JOINS FIRM IN NEWLY CREATED POSITION
BlackRock, Inc. (NYSE:BLK) today announced that Nancy Everett will join the company as Managing Director, Head of U.S. Fiduciary Management Solutions (FMS) – a newly created position. Most recently, Ms. Everett served as Chief Executive Officer at Promark Global Advisors (formerly General Motors Asset Management), directing investment personnel and business strategy for the firm, which managed approximately $140 billion of client assets.
“I am delighted that Nancy will be joining BlackRock,” said Laurence Fink, Chairman & CEO. “I can attest firsthand that she brings to her new role a wealth of experience and a strong track record in the development of industry leading practices within the public and corporate pension sector. Nancy’s background and vision regarding the creation of truly client-centric investment and risk management solutions, including outsourcing, will greatly enhance and further distinguish BlackRock’s portfolio offerings for institutional clients.”
Ms. Everett will lead the growth and development of BlackRock’s U.S. FMS business, which provides investment management, advisory solutions and outsourcing to large institutional clients, including U.S. pension plans, endowments and foundations. Fiduciary outsourcing mandates, in which a client retains BlackRock to assume responsibility for some or all of their assets, are managed by FMS within BlackRock’s Multi-Asset Client Solutions (BMACS) group. At September 30, 2010, BMACS managed $90 billion in assets including $28 billion in fiduciary assignments globally.
At Promark Global Advisors, Ms. Everett was responsible for the management of GM’s defined benefit and defined contribution plans. In addition, Promark was a third-party provider of asset management services for institutional investors including total plan management outsourcing, alternative investments, direct investing, insurance and strategic solutions.
Prior to joining Promark Global Advisors in 2005, Ms. Everett spent 26 years with the Virginia Retirement System where she held various positions in the investment department prior to being named Chief Investment Officer of the defined benefit plan.
Ms. Everett is a member of the Investment Committee for Virginia Commonwealth University School of Business Foundation, the Board of Directors for the Pacific Pension Institute and the Expert Advisory Council for the World Bank Treasury Asset Management and Advisory, in Washington, D.C. She is a graduate of Virginia Commonwealth University and a Chartered Financial Analyst.
BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At September 30, 2010, BlackRock’s AUM was $3.446 trillion. BlackRock offers products that span the risk spectrum to meet clients’ needs, including active, enhanced and index strategies across markets and asset classes. Products are offered in a variety of structures including separate accounts, mutual funds, iShares® (exchange traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®. Headquartered in New York City, as of September 30, 2010, the firm has approximately 8,900 employees in 24 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the Company's website at www.blackrock.com.