BlackRock has promoted iShares' EMEA head Rachel Lord as head of Europe, Middle East and Africe (EMEA) for the whole firm, replacing David Blumer who will become head of BlackRock's alternatives wing.
In an internal note, BlackRock's chairman and CEO Larry Fink and President Rob Kapito announced big changes in the firm with Lord also being appointed to the firm's global executive committee.
She has 30 years' experience in the industry having held senior roles at both Citi Group, where she spent four years, and Morgan Stanley for 13 years.
She will be replaced by BlackRock's fixed income beta head Stephen Cohen who will report to Mark Wiedman, global head of iShares and index investment at BlackRock.
Fink said: "Rachel has the client orientation and strategic drive to navigate regulatory, political, and technological change.
"In her four years at BlackRock, she has made her mark as a business leader and as a developer of talent - on her teams, through her work on the Human Capital committee, and as executive sponsor of the Women's Initiative Network."
Blumer, who Lord is replacing, has been made BlackRock's alternatives head working closely with Mark Wiseman, chairman of alternative investments at BlackRock.
Prior to BlackRock, Blumer held a number of roles in the industry including CIO of Swiss Re and CEO of Credit Suisse Asset Management.
Fink said: "David has extensive experience in alternatives. The depth of his expertise in both investments and distribution will build on our momentum in this critical asset class."
The CEO went onto to talk about the "dramatic changes" in the industry including the increase in regulation, transformative technology and the evolving needs of the client.
"Fortunately, BlackRock has never had a stronger leadership team or deeper talent throughout the organization," Fink said. "We are defining the future of our industry.
"And the leadership changes we are announcing today will help ensure that BlackRock continues to set the pace."