Just days after the Securities and Exchange Commission issued a recommendation that all financial advisors practice within the fiduciary standard of care, BlackRock announced it has hired an executive for that role in the company.
BlackRock has hired Nancy Everett as a managing director and head of U.S. Fiduciary Management Solutions, a newly created position. In that role, Everett will lead the growth and development of its fiduciary management solutions business, which provides investment management, advisory solutions and outsourcing to large institutional clients. Those clients include pension plans, endowments and foundations. Fiduciary outsourcing mandates, are managed by FMS within the company’s multi-asset client solutions, which managed $90 billion in assets, by Sept. 30.
“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,” Laurence Fink, chairman and chief executive office said in a statement.
Everett had been chief executive officer of Promark Global Advisors, where she directed the firm’s business and investment personnel strategies. That firm, formerly known as General Motors Asset Management, managed about $140 million in client assets.
The company announced the move Monday, as talk of a fiduciary standard for all advisors came to a peak. On Saturday, the Securities and Exchange Commission issued a report on recommending that a single fiduciary standard of conduct be created for brokers and registered investment advisors.