June 8 (Reuters) - BlackRock Inc said on Thursday it hired Goldman Sachs’ Heather Brownlie as its U.S. head of fixed-income ETFs.
Brownlie, who most recently was the global head of fixed-income for private wealth management in Goldman Sachs’ investment management division, will lead BlackRock’s fixed-income ETFs unit across product, sales, capital markets and marketing, a BlackRock spokeswoman said.
Derivatives expert Jim Hill has been appointed as adviser to BlackRock’s iShares ETF business, the spokeswoman said in an email response.
BlackRock has been pushing investors to use ETFs more often and in new ways. ETFs were initially seen as devices used to track stock indexes, but BlackRock has aggressively marketed fixed-income ETFs to institutions that normally use bonds.
That approach has paid off. U.S.-based bond ETFs attracted record cash last quarter, according to researcher Morningstar Inc, and iShares took in $4 in $10 of that money.
Reporting by Kanishka Singh in Bengaluru and Trevor Hunnicutt in New York; Editing by Sunil Nair