MILAN (Reuters) - BlackRock (NYSE:BLK), the world's biggest asset manager, has named Giovanni Sandri, its current head of Italy, as head of southern Europe, creating a cluster that also includes Spain, Portugal, Greece and Israel, two sources familiar with the matter said.
The southern Europe cluster follows similar regional hubs BlackRock has created across Europe such as Germany-Switzerland, France-Belgium-Luxembourg, and the Nordics.
The newly created southern European region employs around 200 people and accounts for some $200 billion in assets under management (AUMs), one of the sources said. Italy alone accounts for half the overall AUM figure, with a staff of 120.
Sandri will retain his role as head of Italy, the source said, adding that a current vacancy for the Iberia chief would be filled.
The regional structure aims to boost coordination across countries to help business development as well as internal representation, the sources added.