Toronto-based asset-management giant BlackRock Canada Asset Management Ltd. announced on Thursday that it has lured away the head of CPP Investment Board (CPPIB), Mark Wiseman, as senior managing director to head its global active equity business.
When Wiseman joins BlackRock in early September, he will also become chairman of its global investment committee and will join the firm’s global executive committee.
The CPPIB is turning within to replace Wiseman, who is currently its president and CEO. It announced that Mark Machin, currently senior managing director and head of international at CPPIB, will succeed Wiseman as president and CEO effective June 13. Wiseman will stay on as a senior advisor to the board until Sept. 5 to facilitate the leadership transition, but will give up executive duties as of June 13.
CPPIB, which manages approximately $280 billion for the Canada Pension Plan (CPP), says that Wiseman “advised the board early this year of his plans to leave CPPIB to pursue a senior leadership role with BlackRock.”
Machin joined CPPIB in March 2012. Prior to that, he spent 20 years in investment banking with Goldman Sachs Group Inc. Machin has led the CPPIB’s international investment activities and his replacement has yet to be named.
“Mark Machin has been instrumental in helping to shape and execute CPPIB’s strategy over the last four years, consistently demonstrating deep knowledge of our business, understanding of global opportunities and a commitment to our unique mandate and culture,” said Heather Munroe-Blum, chairwoman of CPPIB’s board of directors, in a statement.
“CPPIB’s international strategy bloomed under Mark Wiseman’s leadership, and Mark Machin is ideally suited to leading this continued evolution of the fund,” she added.
Wiseman spent 11 years with CPPIB and became its president and CEO in July 2012. At BlackRock, he will report to Robert Kapito, the firm’s president, and will oversee the firm’s teams that invest more than US$275 billion in equity-based investment strategies. He will also become chairman of its alternative investments division, BlackRock Alternative Investors (BAI).
“As we further enhance investment performance and link our fundamental and scientific active equity investment strategies, Mark is perfectly suited to lead this effort. He will also be able to make substantial contributions to our alternatives platform and across the firm,” Kapito said in a statement.
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