MutualFundWire.com: The World's Biggest Asset Manager Hires a Key 401k Exec

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Tuesday, October 6, 2015

The World's Biggest Asset Manager Hires a Key 401k Exec

The biggest asset manager in the world just hired a key 401(k) executive who hails from one of its rivals.

Sean Murray
Blackrock
National Sales Manager, DC I-O

Ralph Haberli, head of distribution and business development for the U.S. and Canada defined contribution group at BlackRock [profile], confirms that Sean Murray is joining as national sales manager for the group. The role is a newly created one and entails overseeing BlackRock's defined contribution investment-only (DC I-O in 401(k) speak) field force, sales desk, and recordkeeper platform team. Murray will report to Haberli.

Reuters picked up on the news.

Meanwhile, BlackRock is also shifting 401(k) veteran Dick Darian to head of the middle market advisor effort for the group. Darian previously led advisor-sold distribution for the group.

The moves come less than a year after Anne Ackerley took over as chief of the U.S. and Canada DC group.

BlackRock claims to be the third-largest DC asset manager and the third-largest DC I-O (i.e. non-recordkeeping) shop. It now works with more than $630 billion in DC assets and $125 billion in its target date funds. All told, BlackRock had $4.721 trillion in AUM as of June 30.

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