In his new position Hildebrand will have responsibility for the firm’s largest institutional relationships outside its home country, the US.
His appointment follows his resignation at the start of the year as chairman of the Swiss National Bank (SNB), a departure that was marred by reports of controversial currency trades by his wife.
BlackRock said: "With regard to the foreign exchange transaction, this issue has been exhaustively reviewed by three independent investigators, all of which found that neither Philipp nor his wife, Kashya Hildebrand, violated any rules or regulations."
In his new role, which marks his return to the world of finance, Hildebrand will work to enhance BlackRock’s relationships with clients as it continues its expansion post-financial crisis.
BlackRock stamps its mark
The world’s largest asset manager BlackRock has AUM of $3.6trn, as at the end of March, and with this hire is looking to boost its presence even further across EMEA and Asia Pacific.
Hildebrand will be based in London and will report directly to Laurence Fink, BlackRock’s chairman and CEO.
He will also contribute perspectives on global markets and economic trends to the firm’s investment teams.
Fink said of the appointment: "Few leaders are as widely respected for their expertise, judgment and integrity as Philipp Hildebrand. He embodies superb qualities of intellect and character that are critical to earning our role as a trusted advisor to our clients."
Prior to his seat as chairman of the SNB, Hildebrand held a number of executive positions in European companies.
He was based in Geneva from 2001 to 2003 as chief investment officer of Union Bancaire Privée and before that held the same role at the Vontobel Group in Zurich.