By Dawn Lim
A potential heir apparent to the top job at BlackRock Inc. has been ousted from the money-management giant for failing to disclose a romantic relationship with a colleague.
Mark Wiseman, who rose from Canada's public-pension world to become a protege to BlackRock's chief executive, Laurence Fink, was terminated for violating the company's policy.
Mr. Wiseman, together with Marcia Moffat, who has headed BlackRock's Canada office, had long been seen as a married power couple at the world's largest asset manager. The relationship that Mr. Wiseman failed to disclose was with a different BlackRock employee, said a person familiar with the matter.
His firing marks a swift fall for the man who was the face of the roughly $7 trillion indexing giant's ambitions to find new reach outside funds that track markets. He headed BlackRock's approximately $300 billion active equities business and directed the strategy for another business focused on private equity and other alternatives to stocks and bonds.
"I engaged in a consensual relationship with one of our colleagues without reporting it," Mr. Wiseman in a firm memo Thursday. "I regret my mistake and I accept responsibility for my actions."