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(Bloomberg) — BlackRock Inc.’s head of iShares in Canada, Helen Hayes, has left the firm as part of a broader restructuring, according to an internal memo seen by Bloomberg.
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Hayes “expressed her intention to pursue new opportunities outside of the firm,” said the memo, which outlined a series of organizational changes without indicating that she would be replaced. Hayes joined BlackRock in 2021 and was previously a managing director at CIBC Capital Markets, according to her LinkedIn profile.
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Sarah Butcher will replace Tracey Grant as the head of institutional client business in Canada, and Grant will move to Philadelphia for a new role focused on strategic initiatives, according to the memo. Butcher will report to Marcia Moffat, country head of Canada, and Roque Calleja, head of institutional capital formation for the Americas.
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BlackRock also appointed Steven Leong as head of Canada product and markets, and the firm is hiring someone to lead the wealth and asset manager sales channel for Canada, which is a new position.
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A representative for BlackRock declined to comment.
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BlackRock and Royal Bank of Canada have a strategic alliance, RBC iShares, which is Canada’s top provider of exchange-traded funds. As of March 31, 27% of the country’s ETF assets are held in RBC iShares products, according to an analysis from National Bank of Canada. ETF assets in the nation totaled about C$545 billion ($393 billion) as of that date.
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A representative for RBC didn’t immediately respond to a request for comment.
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(Adds total ETF assets in Canada in the sixth paragraph. A previous version corrected Calleja’s title in the third paragraph.)
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