BlackRock has reshuffled some of its top management team, according to a memo sent to employees.

Mark McCombe, who was named head of the Americas in the beginning of the year, has dropped his other role as global head of alternative investors, according to the memo by BlackRock chief executive Larry Fink and president Rob Kapito.

McCombe is now based in San Francisco and reports directly to Fink and Kapito and he primarily focuses on building out the firm’s retail and retirement businesses.

David Blumer who was previously head of Europe, Middle East and Africa (EMEA) has replaced McCombe as global head of alternative investors. He now reports directly to Kapito.

As a result, Rachel Lord has moved into Blumer’s position as head of EMEA taking on a dual role as she continues her job as head of global clients exchange-traded fund index investing. She reports directly to Fink and Kapito and will join the firm’s global executive committee.

Lord has however, given up her role as head of EMEA iShares, which has been filled by Stephen Cohen, previously head of fixed income beta. He reports directly to Mark Wiedman, head of iShares and index investing.  

Cohen’s responsibilities have been picked up by Brett Olson for EMEA and Heather Brownlie for the US. Olson and Brownlie were previously regional heads of fixed income beta. 

Separately, chief operating officer for EMEA, Patrick Olson has taken on an expanded role as deputy chief operations officer of the firm where he will report to Rob Goldstein, chief operating officer and head of the firm’s solutions business.  

 ‘New regulations, transformative technology, and evolving client needs all require that we think anew and adapt our business to emerging expectations,’ said Fink and Kapito in the memo. ‘And the leadership changes we're announcing today will help ensure that BlackRock continues to set the pace.’