BlackRock appoints new global head of renewable power

[NEW YORK] BlackRock Inc, the world's largest asset manager, promoted David Giordano to global head of renewable power.

Mr Giordano replaces Jim Barry, who will remain global head of real assets, according to an internal memo Thursday obtained by Bloomberg. Mr Giordano joined the team when it was formed in 2011 and has overseen renewables in the Americas and the Asia-Pacific region.

BlackRock manages renewable-energy assets on four continents worth more than US$5 billion, according to the memo. Pension funds, insurers and sovereign wealth funds are showing increasing interest in real, illiquid assets. New York-based BlackRock got into such investments in 2011, through a partnership with the renewable-energy infrastructure firm NTR Plc.

BlackRock also named Rory O'Connor global chief investment officer for the renewables group. He will continue as head of Europe. Martin Torres, who joined the team almost three years ago, will take over as head of Americas.

BlackRock announced some broader management changes earlier this month. The company moved Mark Wiedman to a global strategy role and Salim Ramji took over Mr Wiedman's position running its exchange-traded fund business, the largest in the world. Martin Small, formerly head of US iShares, succeeded Mr Ramji as head of US wealth advisory.

BLOOMBERG