Briefing

BlackRock vice-chairman Barbara Novick steps down after 32 years

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Novick, who has been with the firm since she co-founded it in 1988, is considered one of the most influential women on Wall Street. She will become a senior adviser to the New York-based firm, which has US$7.4 trillion under management. (The Wall Street Journal)

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Talking point: The Cornell University-educated Novick was instrumental in turning BlackRock from boutique asset manager to the world-bending financial juggernaut it is today. Her lobbying chops, burnished with a knack for memos and comment papers aimed at government, ensured the money manager’s runaway growth by avoiding regulatory hurdles endured by big banks. Her departure will surely fuel speculation as to the future of BlackRock’s CEO, Larry Fink whose potential heir apparents once included Canadian Mark Wiseman, until he stepped down late last year.