A major reshuffle among managers at Blackrock includes the head of Europe. David Blumer is changing into an advisory role, according to information obtained by finews.com.

David Blumer is no longer active in an operative capacity at Blackrock, the U.S. funds giant. He will continue as a senior adviser to company founders Larry Fink, Rob Kapito and Mark Wiseman, according to a memo seen by finews.com.

Blumer will also act as a senior relationship manager for major European and Swiss clients and keep his role as chairman of Blackrock Switzerland.

Blumer is one of the few influential Swiss managers at Blackrock, which had created the role of head of Europe, Middle East and Africa for him. The regions did very well under his guidance, according to the memo sent to staff.

More Time in Zurich

The alternative investors business ballooned to $175 billion from $60 billion within three years during his time as manager of the regions. Assets under management in Europe rose to $1.76 trillion in 2017 from $1.24 trillion in 2013 also while he was head of the region.

Edwin Conway has taken over the alternative investments. He previously was in charge of institutional clients.

Blackrock said in the letter that the change was also due to Blumer’s request to spend more time in Zurich. He will be one of thirteen top advisers with access to the three company leaders.

Philipp Hildebrand to Stay

Philipp Hildebrand, the former Swiss National Bank president, will remain vice chairman at the U.S. firm.

The change of role of Blumer comes amid a major reshuffle at the company, according to a report by the «Wall Street Journal» (behind paywall). Blackrock recorded a slowdown of growth recently and trimmed its workforce as a consequence, including in Switzerland.

CEO Candidates Line Up

The reshuffle also presents a number of candidates to succeed veteran CEO Larry Fink with the chance to prove their worth. The newspaper mentioned the names of Mark McCombe and Mark Wiedman, co-heads of America, Rob Kapito, Rob Goldstein and Rich Kushel.

Blumer’s name didn’t figure among the candidates even though he often was said to harbor hopes to succeed the chief executive officer.

Blumer had joined Blackrock from Swiss Re in 2013. There, he had been active as head of investments, with a major role to play in dealing with the aftermath of the financial crisis. Until 2008, Blumer worked in Credit Suisse’s investment banking operations.