Reuters: Regulatory News: UPDATE 1-Ex-Swiss bank chairman taking new role at BlackRock

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UPDATE 1-Ex-Swiss bank chairman taking new role at BlackRock Jun 13th 2012, 02:10 Tue Jun 12, 2012 10:10pm EDT June 13 (Reuters) - The former chairman of the Swiss National Bank Philipp Hildebrand, who quit in a currency trading scandal in January, is joining BlackRock as vice-chairman in October, the U.S. fund manager said on Wednesday. Hildebrand will be based in London and will report directly to Laurence Fink, chairman and chief executive officer at BlackRock. Hildebrande will oversee the firm's largest institutional client relationships in Europe, Middle East, Africa and Asia Pacific, BlackRock spokesman Brian Beades said in a email. Hildebrand was apparently forced out of his former role when emails failed to clear him of involvement in a currency trade by his wife three weeks before he oversaw the introduction of a cap on the Swiss franc's value. Hildebrand, a former hedge fund manager who controlled his own portfolio, was later found by a SNB commissioned audit not to have broken the Swiss Bank's old rules. The Financial Times reported Hildebrand's move to BlackRock earlier in the day.

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