In the newly created role Koesterich will communicate the asset manager’s investment strategy to investors and financial advisors, as well as its view on the markets and economy.
BlackRock president Robert Kapito said: "Russ is highly regarded for his insights on the global financial markets and strategies for investors to navigate the rapidly changing new world of investing.
"In this new role, Russ will focus on communicating the best thinking to investors from throughout BlackRock, drawing on the full range of BlackRock’s capabilities across geographies, investment strategies and asset classes.”
Koesterich will report to Ken Kroner, the company’s global head of multi-asset strategies.
Before the appointment, he was global investment strategist for BlackRock’s exchange-traded fund business iShares. He will continue in this role, which he has held since 2010.
Koesterich was global head of investment strategy at Barclays Global Investors, which he joined in 2005 and was acquired by BlackRock in 2009.
He has also worked at State Street Bank and Instinet as well as writing two books including ‘The Ten Trillion Dollar Gamble’, which examines how to position portfolios for the impact of the US’ growing deficit.
Koesterich commented: “The financial world is more uncertain than it’s ever been and a succession of seismic events has left investors unsure of what to do next.
“We believe that opportunities do exist for investors and I look forward to working with my colleagues across the globe, including in the BlackRock Investment Institute, to provide investors with answers for this new world of investing.”
