Barbara Novick, BlackRock’s Vice Chairman and Co-Founder will step down from her day-to-day duties at the asset manager, according to an internal memo cited by various news outlets.
Novick, 59, will continue in her current role until her successor is chosen, a process she will help with and after which, she will serve as a senior adviser to the company.
“Much of the post-financial crisis policy work that Barbara led is largely implemented, and she has greatly enhanced our stewardship practices, including our commitment to transparency”, Chief Executive Officer Larry Fink said in the memo.
Barbara G. Novick, Vice Chairman, is a member of BlackRock’s Global Executive Committee, Corporate Risk Committee and Global Operating Committee. From the inception of the firm in 1988 to 2008, Novick headed the Global Client Group and oversaw global business development, marketing and client service across equity, fixed income, liquidity, alternative investment and real estate products for institutional and individual investors and their intermediaries worldwide.
In her current role, she oversees the firm’s efforts globally for public policy and for investment stewardship. In addition, she is a member of the Executive Committee of the Investment Company Institute.
Prior to founding BlackRock in 1988, Novick was a Vice President in the Mortgage Products Group at The First Boston Corporation. She joined First Boston in 1985 where she became head of the Portfolio Products Team. From 1982 to 1985, Novick was with Morgan Stanley.
Novick has authored numerous articles on asset management and public policy issues.