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

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.

Alt Insights

January 16, 2020

ESG: Lately-turned Tesla Bull Jim Cramer Adds Fink To The Mix

ESG: Lately-turned Tesla Bull Jim Cramer Adds Fink To The Mix

Latest Alternative Investment News

Digital Assets: UAE a Flag-bearer for Blockchain Technology Deployment
January 20, 2020     Digital Assets, News

The UAE is a Flag-bearer for Blockchain Technology Deployment. A joint white paper has been issued by the World Economic Forum and the United Arab Emirates’ Centre For The Fourth…

Digital Assets: Bitwise/ETF Trends 2020 Survey – 65% Advisors Want to Buy Bitcoin in an ETF
January 20, 2020     Digital Assets, News

The Bitwise / ETF Trends 2020 Benchmark Survey of Financial Advisor Attitudes Toward Cryptoassets gives useful insight into what advisors are thinking about Bitcoin and cryptos going into 2020. ETFs…

ESG: Best Buy’s CEO in the Dock for Alleged ‘At-Work’ Liaison
January 20, 2020     ESG and Sustainability, Latest News, News

Current Best Buy CEO Corie Barry allegedly had a romantic relationship with a male colleague before taking charge as CEO in June 2019. Best Buy’s board is investigating the charge,…

Emission-Free Friday: Here are the Latest Funds to Push for Carbon Neutral
January 17, 2020     ESG and Sustainability, Investments, News

Carbon emissions dominated the headlines this week. The European Commission has announced an ambitious plan to shift toward a green economy and make the EU carbon-neutral in the year ahead….