Aztec Group, the alternative asset and fund services provider, has hired a managing director from BlackRock to serve as its new chief commercial officer, underscoring the firm's ambitions to grow its client base and service offerings.
New appointment details
The new hire, who spent over a decade at BlackRock, will join Aztec Group's executive committee and lead the company's commercial strategy, including business development and client relationship management. The appointment is effective immediately.
According to Aztec Group, the executive's experience at the world's largest asset manager will be instrumental in driving growth across its fund administration, depositary, and corporate services divisions.
Strategic rationale
Aztec Group has been expanding its presence in the alternative investment space, which includes private equity, real estate, and hedge funds. The firm reported assets under administration of approximately $100 billion as of the end of last year.
The chief commercial officer role is newly created, reflecting the company's focus on scaling its commercial operations. Aztec Group's CEO stated, "We are delighted to welcome [the executive] to Aztec. Their deep industry knowledge and leadership will be key as we continue to enhance our client proposition and accelerate our growth trajectory."
Market context
The appointment comes amid a competitive landscape for asset servicing talent, as firms vie to capture mandates from alternative asset managers. Aztec Group has been particularly active in hiring senior professionals from larger rivals to bolster its expertise.
BlackRock has not commented on the departure. The move is the latest in a series of senior exits from BlackRock's European operations over the past year.
