(Bloomberg) -- BlackRock named Salim Ramji head of its U.S. wealth advisory business, succeeding Frank Porcelli, as the world’s biggest asset manager pushes to attract more retail clients.

Porcelli, who asked to step back from managing after 11 years in the position, will become the unit’s chairman and focus on developing offerings such as FutureAdvisor, the digital wealth management firm BlackRock agreed to purchase last month, according to a memo provided by the New York-based company. Ramji will be replaced as global head of corporate strategy by Geraldine Buckingham.

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