BlackRock's Dalia Blass leaves for law firm Sullivan & Cromwell

BlackRock has lost its head of external affairs, Dalia Blass, to the law firm Sullivan & Cromwell, according to communications Tuesday from those companies.

Blass joined BlackRock two years ago, following 14 years at the Securities and Exchange Commission, where she most recently led the division of investment management.

As the asset manager’s head of external affairs, Blass oversaw management of BlackRock’s reputational and policy risks and opportunities related to corporate sustainability, global public policy, social impact, long-term capitalism and academic engagement efforts. She was also a member of the firm’s global executive committee.

“I am grateful for the incredible opportunity to have worked with my great partners at BlackRock on behalf of our clients and to see a true fiduciary at work,” Blass said in a post announcing her job change on LinkedIn. “It has been a privilege to build and lead BlackRock’s global external affairs team for the past two years, advancing important regulatory and policy initiatives on behalf of BlackRock’s clients.”

Amid Republicans' ongoing scrutiny of the company because of its stance on environmental, social and governance issues, Blass spoke for BlackRock before the Texas Senate as lawmakers accused the company of boycotting the oil and gas business.

BlackRock CEO Larry Fink announced Blass’ departure in a memo to staff, noting that “regulatory law has been Dalia’s passion for most of her career.

“So, while we will miss Dalia’s presence at BlackRock, we understand her desire to return to the practice of law,” Fink said in the memo.

BlackRock vice chairman Mark McCombe is assuming leadership of external affairs on an interim basis as the company undertakes a search, Fink noted. McCombe, who has been with BlackRock for more than 10 years, has held other leadership roles, including global chief client officer.

Blass will be a partner at Sullivan & Cromwell and will be based in Washington, D.C. She will advise asset managers, funds, fund boards and service providers on regulation, governance, compliance, examination and enforcement, according to the announcement from Sullivan & Cromwell.

“We are delighted to add Dalia to our strong team of former senior SEC and CFTC regulators. We recently welcomed the return of former SEC Chair, Jay Clayton, and former SEC Division of Enforcement do-director, Steve Peikin, as well as the addition of former CFTC Director of Enforcement, Jamie McDonald,” Sullivan & Cromwell co-chairs Robert Giuffra and Scott Miller said in the announcement.  “Her addition positions us to continue to be the 'go-to' firm to the widest range of traditional and alternative asset managers.”