August 11, 2014 / 7:34 PM / 5 years ago

Top Canada finance ministry official Boivin to join BlackRock

OTTAWA (Reuters) - Top Canadian finance ministry official Jean Boivin will join the London office of BlackRock Inc (BLK.N), the world’s largest money manager, the firm said on Monday.

Canada's Finance Minister Joe Oliver (R) makes remarks to the press as Canada's G7 and G20 Deputy Minister Jean Boivin listens during the IMF/World Bank's 2014 Spring Meetings in Washington April 11, 2014. REUTERS/Mike Theiler

Boivin, seen as a contender to head the Bank of Canada one day, is the second most powerful official at the ministry. Reuters broke the news last week that he would be leaving his post on Aug. 29.

Boivin will start work as deputy chief investment strategist at the BlackRock Investment Institute on Sept. 15, the firm said in a statement.

Boivin also serves as Canada’s representative at the Group of Seven, the Group of 20, and the G20’s Financial Stability Board, which monitors the global financial system.

“His vast knowledge of the global financial and economic landscape and deep policymaking experience are invaluable assets,” said Lee Kempler, the BlackRock institute’s executive director.

The institute provides the firm’s portfolio managers with insights on sovereign risk and the macro investment outlook.

“I’m excited to be able to bring my experience and ideas to BlackRock as it executes on its mission of delivering exceptional investment performance and deep capital market insights to its clients,” Boivin said in the statement.

Boivin was not immediately available for comment.

BlackRock reported an 11 percent jump in second-quarter profit last month, boosted by strong markets that helped drive flows into its funds across asset classes and regions.

The firm, which has $4.6 trillion in assets under management, has a history of employing former government and central bank officials.

Vice Chairman Ken Wilson served as an adviser to the U.S. Department of Treasury during the height of the financial crisis. In May of this year the firm hired White House economic adviser Sarah Bianchi.

Former Swiss central bank chairman Philipp Hildebrand joined the firm’s London office in 2012.

Among those who have worked for the London-based institute are Peter Fisher, a former senior official at the U.S. Treasury and the U.S. Federal Reserve.

Additional reporting by Euan Rocha in Toronto; Editing by James Dalgleish and Peter Galloway

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