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BlackRock's multiasset client solutions groups merged into single unit

BlackRock Inc. will bring together its multiasset portfolio construction activities into one client portfolio solutions unit, Pensions & Investments reported after obtaining a memo issued to BlackRock employees.

Chairman and CEO Larry Fink and President Robert Kapito said in the memo that the company is creating a more "cohesive approach" to portfolio construction and asset allocation, which will be made a top strategic priority.

They added that the client portfolio solutions unit will be a "new investment pillar for the firm," according to the report.

Ryan Marshall, a managing director, will lead the effort. The client solutions business, where Marshall was global head, will be the core of the unit. The third-party manager research group will also be part of the unit.

According to the memo, the group will adopt a more data-oriented and analysis-driven research process to double its coverage of external money managers over the next two years.