BlackRock, Inc. (NYSE:BLK) today announced that Michael H. Lewers will join the firm on September 4, as Head of its U.S. Private Client (USPC) business. Mr. Lewers will have responsibility for driving sales of BlackRock investment products through national wirehouse brokers (excluding Merrill Lynch), as well as through regional broker-dealers throughout the country. Mr. Lewers will report to Frank M. Porcelli, Managing Director and Head of BlackRock’s Private Client Group, who, in addition to the USPC channel, oversees additional distribution operations servicing insurance company platforms and Merrill Lynch’s Global Private Client Group.
Mr. Lewers brings to BlackRock more than 20 years of financial services sales and relationship management experience. He joins the firm from Nuveen Investments, where he spent more than 10 years as national sales manager, distributing mutual funds, closed-end funds and separately managed accounts at large wirehouses, regional brokers and banks. Mr. Lewers joined Nuveen in 1997 with the firm’s acquisition of Rittenhouse Asset Management, where he had spent several years in sales and sales management. He began his career with Meridian Bank as a management trainee, rising to branch management and eventually joining the firm’s private banking group.
“We are fortunate to be able to bring someone of Mike’s caliber on board in the critical role of building out our U.S. Private Client distribution.” said Mr. Porcelli. “We’ve seen tremendous interest on the part of wirehouse brokers and independent advisors in BlackRock’s range of investment solutions, and Mike’s leadership will be invaluable in helping us deploy our resources to meet that growing demand.”
Mr. Lewers joins a U.S. retail operation that already has had significant successes since BlackRock’s merger with Merrill Lynch Investment Managers in 2006. As of June 30, 2007, total U.S. mutual fund assets managed by BlackRock were approximately $215 billion.
"Looking ahead, Private Client will continue to be an extremely important business for BlackRock," said Barbara G. Novick, Vice Chairman. "Since the merger, we have seen sales increase significantly across a range of equity and fixed income products, and our wholesalers were recently recognized by Financial Research Corporation and Horsesmouth as among the top in the industry. We are looking forward to Mike's leadership.”
About BlackRock
BlackRock is one of the world’s largest publicly traded investment management firms. As of June 30, 2007, assets under management were $1.230 trillion. The firm manages assets on behalf of institutions and individuals worldwide through a variety of equity, fixed income, cash management and alternative investment products. In addition, a growing number of institutional investors use BlackRock Solutions® investment system, risk management and financial advisory services. Headquartered in New York City, the firm has approximately 5,000 employees in 18 countries and a major presence in key global markets, including the U.S., Europe, Asia, Australia and the Middle East. For additional information, please visit the Company's website at www.blackrock.com.
Forward-Looking Statements
This press release, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,”“opportunity,” “pipeline,”“believe,” “comfortable,”“expect,” “anticipate,”“current,” “intention,”“estimate,” “position,”“assume,” “outlook,”“continue,” “remain,”“maintain,” “sustain,”“seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,”“would,” “should,”“could,” “may” or similar expressions.
BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.
In addition to factors previously disclosed in BlackRock's SEC reports and those identified elsewhere in this communication, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) changes in political, economic or industry conditions, the interest rate environment or financial and capital markets, which could result in changes in demand for products or services or in the value of assets under management; (3) the relative and absolute investment performance of BlackRock's investment products, including its separately managed accounts and the former MLIM business; (4) the impact of increased competition; (5) the impact of capital improvement projects; (6) the impact of future acquisitions or divestitures; (7) the unfavorable resolution of legal proceedings; (8) the extent and timing of any share repurchases; (9) the impact, extent and timing of technological changes and the adequacy of intellectual property protection; (10) the impact of legislative and regulatory actions and reforms and regulatory, supervisory or enforcement actions of government agencies relating to BlackRock, Merrill Lynch or PNC; (11) terrorist activities and international hostilities, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries and BlackRock; (12) the ability to attract and retain highly talented professionals; (13) fluctuations in foreign currency exchange rates, which may adversely affect the value of advisory fees earned by BlackRock; (14) the impact of changes to tax legislation and, generally, the tax position of the Company; (15) BlackRock's ability to successfully integrate the MLIM business with its existing business; (16) the ability of BlackRock to effectively manage the former MLIM assets along with its historical assets under management; (17) BlackRock's success in maintaining the distribution of its products; and (18) the ability of BlackRock to consummate the transaction with Quellos and realize the benefits of such transaction.
BlackRock's Annual Reports on Form 10-K and BlackRock's subsequent filings with the SEC, accessible on the SEC's website at http://www.sec.gov and on BlackRock’s website at http://www.blackrock.com, discuss these factors in more detail and identify additional factors that can affect forward-looking statements. The information contained on our website is not a part of this press release.
Contacts:
Media Relations:
Bobbie Collins,
212-810-8155
Bobbie.Collins@blackrock.com
or
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Relations:
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invrel@blackrock.com
