BlackRock named Jessica Tan to lead its global product solutions division. She succeeds Stephen Cohen. Cohen is taking time off for health reasons. He is expected to return later in the year as a vice chair. Tan is a member of BlackRock's Global Executive Committee. She previously led the Americas unit for the same group. Tan joined BlackRock in 2010. Her prior roles include head of corporate strategy and chief of staff to the CEO.
The appointment comes as BlackRock aims to expand its iShares ETF business. The firm also aims to expand its actively managed investment offerings. In an internal memo, CEO Larry Fink and President Rob Kapito highlighted client demand. Clients seek a wider range of strategies across public and private assets. This demand stems from volatile markets and higher interest rates. Tan's division is central to developing and commercializing products for this evolving demand.