Mark Wiseman Out at BlackRock

Potential Fink successor allegedly violated “relationships at work policy.”

Mark Wiseman found himself in the running to replace BlackRock Chief Larry Fink. Now he finds himself out of a job. Multiple media outlets report that Wiseman allegedly violated BlackRock’s “relationships at work policy.” Although the company has not commented, Reuters and the Financial Times cited an internal memo on the breaking story.

“Our culture has always been one of BlackRock’s greatest strengths, and it is deeply disappointing that two senior executives have departed the firm in the same year because of their personal conduct,” the memo read.

Both Fink and BlackRock president Rob Kapito signed it, according to both sources.

The memo continued:  “This is not who BlackRock is. This is not our culture. We expect every employee to uphold the highest standards of behavior. This is especially critical for our senior leaders.”

The Wall Street Journal said Wiseman’s firing “marks a swift fall for the man who was the face of the roughly $7 trillion indexing giant’s ambitions to find new reach outside funds that track markets.”

Mark Wiseman and BlackRock Policy

Wiseman held the role of Global Head of Active Equities at the $7 trillion asset management firm. He was also the chairman of the company’s alternatives business.

In a memo, Wiseman said he would depart the company. He said he would do so “because in recent months I engaged in a consensual relationship with one of our colleagues without reporting it as required by BlackRock’s relationships at work policy. I regret my mistake and I accept responsibility for my actions.”

Wiseman’s wife, Marcia Moffat, currently serves as the head of BlackRock Canada.

This is the second high-profile exit for the company on similar terms. The company’s top HR executive departed BlackRock after a decade at the firm because he “failed to adhere to company policy.”

Related: KKR Expects Lower Returns and Economic Growth

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