BlackRock recruits exec

BlackRock Inc. announced Thursday that it has hired Craig Phillips to head its financial markets advisory group, a unit of BlackRock Solutions. The New York-based asset management firm said he will join a unit that manages the capital markets exposure of institutional clients. Prior to joining BlackRock, Mr. Phillips was a managing member of Ptarmigan Capital LLC, an alternative asset management firm specializing in real estate, based in Stamford, Conn. In his new position, he will report to Charles S. Hallac, vice chairman and head of BlackRock Solutions, a provider of systems to measure risk. Business in the financial markets advisory group has been strong during the recent credit crisis, and the group has advised or managed more than $150 billion in distressed portfolios. BlackRock has recently purchased Zurich, Switzerland-based UBS AG’s portfolio of subprime mortgages, valued at just more than $20 billion (InvestmentNews, May 6) . BlackRock also said in March that it will oversee and sell $30 billion of The Bear Stearns Cos. Inc.’s assets as part of an effort to hasten JPMorgan Chase & Co.’s purchase of the beleaguered financial services company (InvestmentNews, March 25) . Both firms are located in New York. BlackRock managed $1.36 trillion in assets as of March 31.