BOSTON (Reuters) - BlackRock Inc., the largest publicly traded U.S. asset management firm, plans to expand its wealth management unit following a flood of requests for help from ultra-wealthy investors, a top executive said.
The New York company's wealth management arm, which specializes in individuals with $100 million or more in assets, expects to add five new people to its staff of 15, said Brian Feurtado, a managing director who runs the unit.
Feurtado said he and his colleagues are fielding calls day and night from worried investors seeking help for their portfolios following the recent turmoil in global markets.
"I think we would probably start with five (new hires) and we'll scale this to the opportunity we will see," he said at the Reuters Summit.
The group has plenty of candidates from which to choose.
Feurtado said this year alone BlackRock received 48,000 resumes from people looking for all types of positions at the firm, which has 70 offices in 19 countries.
(Reporting by Svea Herbst-Bayliss. Editing by Jason Szep and Gunna Dickson)
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