BlackRock has appointed Philipp Hildebrand as vice chairman and he will be responsible for overseeing the company's largest institutional client relationships outside of the United States, including the Asia-Pacific region.

Hildebrand was the president of the Swiss National Bank, the country's central bank, until he resigned in January over an alleged insider trading currency transaction made by his wife.

But a probe in April concluded the transaction did not breach any regulations.

Hildebrand, a former hedge fund manager, also attracted controversy over his policy to intervene in the country's currency, the Swiss franc.

Although the policy was initially successful in slowing the rise of the Swiss franc, it was ultimately deemed a failure by critics due to the high price tag it came with.

"In this new role, Dr Hildebrand will work to enhance the firm's relationships with its clients as a true strategic partner," BlackRock said.

"He will coordinate closely with professionals across the firm to deliver the full breadth and depth of BlackRock's investment and risk management expertise to clients and ensure they receive the solutions and insights needed to achieve their objectives."
 
Hildebrand will report directly to BlackRock chairman and chief executive Laurence D Fink, and serve as a member of the firm's global executive committee, as well as its Europe, Middle East, Africa and Asia-Pacific executives committees.
 
He will be based in London.