Blackrock didn't waste any time replacing Christian Gast as head of Ishares, finews.com has learned. The U.S. asset manager is poaching a private banker from UBS to run its Swiss ETF and index business.
Ed Gordon is moving from UBS to Blackrock, the world's largest asset manager. The Swiss banker will run Ishares and index investing as well as sit on Swiss management of the U.S.-based company, according to a memorandum seen by finews.com. Blackrock confirmed the contents of the memo.
Gordon, who joins in November, will take over from Christian Gast, who last month defected to a Credit Suisse-backed start-up last month.
Israel Private Bank Boss
A Swiss-British dual citizen, Gordon has spent the last 15 years at UBS' private bank. He has run the Swiss bank's Israel wealth management arm for the last four years.
Israel has advanced to a hot private banking market in recent years: UBS says it is the leading wealth manager of private wealth in the country. Previously, he worked for Credit Suisse and Lombard Odier, including in portfolio management and private equity.
Passive Driver
Gordon is moving from the world's largest private bank to the biggest asset management firm. Blackrock opened its doors in Switzerland in 1996, and now employs 110 staff between Zurich and Geneva.
Its major revenue engine are passive investments and ETFs, which Blackrock offers under the Ishares brand name. Blackrock expanded its market share with the acquisition of Credit Suisse's ETF arm in 2013.
