BlackRock iShares US Head of Institutional Sales
- New York, NY, USA
- Permanent, Full time
- 28 Sep 16
BlackRock iShares US Head of Institutional Sales
BlackRock's iShares is the #1 Exchange Traded Fund (ETF) provider globally with over $950 billion in assets under management and approximately 39% of the global ETF market share as of June 2014.
With more than a decade of ETF innovation and expertise, iShares is a trusted leader in the ETF industry. iShares serves investors of all sizes, including advisors, personal investors, wealth managers, banks, asset managers, pensions, and insurers. The platform offers clients a comprehensive range of products that provide precise, transparent and cost-efficient access to a full range of asset classes and global markets.
iShares' success is fueled by four self-reinforcing competitive advantages: global brand; two global and three local product lines that offer clients breadth, quality and liquidity; global footprint of people and connectivity across BlackRock; and global operating scale.
BlackRock, Inc. (NYSE: BLK) is a leading publicly traded investment management firm. Clients trust BlackRock to manage $4.74 trillion as of March 31, 2016, more money than any other investment firm in the world. With approximately 13,000 employees in more than 30 countries, BlackRock provides a broad range of investment and risk management services to institutional and retail clients worldwide and is a major presence in global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa.
BlackRock's diverse platform of active (security selection, dynamic asset allocation) and index (cap-weighted and factor-based smart beta) investment strategies across asset classes enables the firm to tailor investment outcomes and asset allocation solutions for clients. Product offerings include single- and multi-asset class portfolios investing in equities, fixed income, alternatives and money market instruments.
Products are offered directly and through intermediaries in a variety of vehicles, including open-end and closed end mutual funds, iShares ® exchange-traded funds ("ETFs"), separate accounts, collective investment funds and other pooled investment vehicles. BlackRock also offers the BlackRock Solutions ® investment and risk management technology platform, Aladdin ® , risk analytics and advisory services and solutions to a broad base of institutional investors.
BlackRock's iShares business is the leading provider of ETFs in the world, with over $1 trillion in assets under management. With a global footprint, strong client orientation and an innovative product range, iShares was the industry's number one in flows in 2015 with $130 billion, a 13% organic asset growth rate, and reached a five-year high in flow market share in excess of 40%.
ETFs uniquely combine the advantages of stocks and index mutual funds. They can be bought and sold like any other security listed on a stock exchange, providing exposure to an entire index through a single trade. ETFs combine the flexibility and liquidity of a security with the diversification of a fund. iShares ETFs are a flexible mechanism for achieving cost-effective market exposure on demand. Through the flagship U.S. and EMEA product lines, iShares operates over 800 ETFs, the broadest range of ETF investment options, offering exposure to virtually the entire investable universe, from the most essential to the deepest niche, and are equally accessible to institutions, advisers and individuals. Product lines provide efficient exposure across equities, fixed income, real estate and commodities, as well as strategies such as smart beta and sustainable investing.
The iShares business within BlackRock is organized regionally and functionally across product, distribution, capital markets, marketing, strategy and operating platform functions. There are over 500 BlackRock employees working in the iShares business across the U.S., EMEA, Canada, Asia Pacific and Latin America. The bulk of the team by headcount is located in San Francisco, New York and London.
iShares US Institutional Clients:
Institutional clients are rapidly growing the ETF industry. Over 3,100 U.S. and global institutions had over $1.2 trillion invested in over 1,500 ETFs as of the end of 2015, per U.S. market data. Institutional clients are broadly categorized as asset owners ( e.g. , those investing their own balance sheets, such as pensions, endowments, insurance company general accounts, sovereign wealth funds) and asset allocators ( e.g. , those managing money for others, such as asset management companies).
Greenwich Associates estimates that U.S. institutions represent approximately 36%, or $756 billion, of the total $2.1 trillion in U.S. ETF assets. As institutions expand into new asset classes, they are pushing overall ETF allocations higher. Almost all of the ETF users surveyed by Greenwich Associates invest in equity ETFs, with domestic equity use approaching 90% and international use reaching 80%. After several years of growth, investment in fixed-income ETFs among institutional users has reached 65%, up from 55% in 2013. Also boosting overall allocation levels is continued demand for ETFs in commodities, where they are employed by 39% of the institutions in the study, and REITs, where usage hits 39%.
Institutional investors with multi-regional investment operations, including global asset managers, global insurers and sovereign wealth investors, are increasingly employing ETFs in strategic applications. Multi-asset businesses, the fastest growing segment of asset management, are power users of ETFs as asset allocation tools. Fixed income mutual fund managers use fixed income ETFs for tactical exposure and cash equitization. Institutions will grow the ETF market by migrating to using ETFs as core exposures in all asset allocations, managing market liquidity and through replacement of an array of derivatives positions that historically provided efficient index exposure.
iShares Institutional Clients consist of the following client segments:
• asset managers (including ETF strategists) and retail insurance;
• insurance companies (general account);
• pensions, foundations, endowments (PFE) and consultants;
• corporate treasurers
• family offices; and
• official and sovereign institutions.
Estimated iShares assets under management across these segments globally is in excess of $500 billion. The iShares institutional business also maintains a dedicated specialist sales team focused on fixed income ETFs that works across client segments.
Role & Key Responsibilities:
The Head of iShares US Institutional Clients will be responsible for driving institutional adoption of iShares ETFs through a dedicated team of roughly 50 professionals in the U.S. and in collaboration with regional leaders and global sales teams in EMEA, Asia Pacific, Canada and Latin America. The role reports to the Head of US iShares and the Head of iShares Global Clients, and will be a member of the iShares US Executive Committee and the iShares Global Clients Executive Committee.
Distribution & Client Engagement
• Design, drive and execute the ETF distribution strategy for US institutional clients and be personally responsible for scaling those strategies and best practices into other regions through institutional sales teams in EMEA, Asia Pacific, Canada and Latin America (similarly, bring best practices from around the globe to US clients);
• Identify specific opportunities by client segment and product, with clear action plans for achieving AUM and revenue targets;
• Serve as the "voice" of the iShares US institutional business and personally grow relationships with strategic accounts with multi-regional investment centers (e.g., global asset managers, global insurance companies, other cross-border investors with US nexus);
• Contribute actively to global leadership on sales training and account strategy, particularly in development of account plans for complex clients;
• Lead large scale sales pitches and manage key client relationships at a senior level
• Scale "content-driven" and thematic sales conversations with clients, "connecting the dots" across institutional client trends - e.g., how institutions use fixed income ETFs, how global asset managers employ ETFs to scale multi-asset businesses, how pension plans use ETFs as substitutes for swaps and futures;
• Formulate and oversee specialist sales missions, chiefly in fixed income ETFs and factor-based and smart beta ETF strategies; connect specialist sales best practices and product use cases globally;
• Strike strategic partnerships with client segments that provide for scaled distribution (e.g., selling iShares through the distribution of other parties) or preferred positioning of iShares products in investor portfolios; and
• Represent the iShares US institutional business in the media and industry.
Product & Capital Markets
• Serve as the "connective tissue" and "voice of clients" between iShares US institutional clients and other iShares functions, such as iShares Product and iShares Capital Markets
• Identify new product ideas through "client led innovation" and work with the product teams to bring new products to market
• Lead syndication, capital raising and seeding efforts for new product launches in the US
• Lead initiatives to marshal firm resources to address regulatory, tax or accounting issues that impact ETF adoption
Skills & Experience Required:
• Extensive experience in a senior sales, solutions or markets leadership role in a global sales and trading, asset management or other financial services firm;
• Demonstrated success working across a globally matrixed organization, and bringing a global mindset to a US role;
• Outstanding executive communication and writing skills;
• Experience and success in working with large, multi-strategy and multi-channel distribution platforms in the USA;
• Possess a strong sales intuition, meet with clients, dispense tactical advice and close sales;
• Outstanding ability to influence and lead effectively across regions, functions and teams (both with and without direct authority;
• Ability to devise the sales strategy to effectively compete with both large scale and niche players;
• Must be target and deadline driven; possess the ability to fixate the team on achieving specific and measurable goals, keep teams moving forward with a sense of urgency focused on meeting commercial objectives;
• Demonstrated ability to generate new AUM / revenue from new initiatives;
• Blend of personal producer and team leader;
• Ability to develop the skills and competencies of team members, and to grow leaders; and
• Willingness to share information, open up and learn, and to connect globally to use the expertise, ideas and experience across BlackRock.
• Possess required FINRA licenses (e.g., Series 7, 63 and 24, or equivalent); clean U-4.
BlackRock is proud to be an Equal Opportunity and Affirmative Action Employer. We evaluate qualified applicants without regard to race, color, national origin, religion, sex, disability, veteran status, and other statuses protected by law.