Exchange-traded funds (ETF) provider iShares Australia co-head Tim Bradbury will leave the business after closure of the transaction between its parent, Barclays Global Investors (BGI), and BlackRock.
The move was confirmed by a BlackRock Australia spokesperson.
BGI Australia head of distribution Katherine Allchin will become head of iShares Australia following Bradbury's departure, the spokesperson said.
The spokesperson was unable to comment on the status of iShares Australia's other co-head, Adam Seccombe.
In May 2009, Bradbury forecast that new remuneration principles proposed by the FPA would lead to greater investor use of ETFs.
"Financial advisers need to become more comfortable with their role as experts in asset allocation and advice - rather than 'experts' in attempting to pick all the best active fund managers," he said.
There are 25 ETFs in Australia as of October 2009, according to an Australian Securities Exchange (ASX) report. Most are under the iShares brand.
The market capitalisation of ETFs has boomed to $2.83 billion as at October 2009, from $990 million the same time two years ago, the report said. ETFs can be bought and sold throughout the day like stocks.
BlackRock agreed to acquire BGI including the iShares unit for $14.79 billion (US$13.5 billion) in June 2009.
The transaction is expected to close in the fourth quarter.
