| NEW YORK, Sept 7
NEW YORK, Sept 7 The man who since 2008 has run
BlackRock Inc's quasi-consulting arm for governments,
regulators and massive financial firms plans to leave the
company next year, according to an internal memo.
Craig Phillips is leaving "to consider a possible transition
to the public sector," according to the memo, which was seen by
A Wall Street veteran for decades, Phillips joined the
company during the apex of the global financial crisis as the
once-marginal bond-focused manager became the largest company of
its kind globally and found new heft and demand for its counsel
in the years during and since the global financial crisis.
BlackRock marshaled the unit Phillips runs - Financial
Markets Advisory, or FMA - in 2008 when the company was tapped
by the Federal Reserve Bank of New York to help manage assets
and keep the financial system running smoothly.
For instance, it managed troubled assets accumulated by the
investment bank Bear Stearns and the insurer American
In the years since, BlackRock has worked to define FMA as
its own business segment and as a showcase for the asset
manager's risk controls and technology.
"FMA has not only become a thriving business, it has
contributed to BlackRock's reputation in a way that truly sets
us apart from other asset managers," said the memo, which was
signed by BlackRock Chief Executive Larry Fink and two of his
senior deputies, Rob Kapito and Rob Goldstein.
Phillips could not immediately be reached for comment.
Among other responsibilities, Phillips headed the Client
Solutions team and was a member of the BlackRock Operating
Committee, a senior executive group.
Charles Hatami - the co-head of the Europe, Middle East and
Africa segment of BlackRock's FMA business - will take over
Phillips' role, the memo said.
(Reporting by Trevor Hunnicutt)