BlackRock has announced a change at the top of its US wealth advisory arm, while the firm is also looking to extend its reach to retail clients, a report said.

BlackRock has appointed Salim Ramji to lead its US wealth advisory business, succeeding Frank Porcelli, Bloomberg said yesterday.

Family Wealth Report has contacted the asset management giant to confirm the move, and will update in due course.

Porcelli, who reportedly asked to step back after 11 years in the role, will become the unit’s chairman and focus on developing offerings such as FutureAdvisor - the California-based digital wealth management firm BlackRock agreed to buy last month.

BlackRock’s wealth advisory business distributes mutual funds, iShares exchange-traded funds, separate accounts and other products through financial advisors and direct platforms.

Meanwhile, Ramji will be replaced as global head of corporate strategy by Geraldine Buckingham, the news service said, citing a memo.

BlackRock is following other players such as Fidelity Investments and Vanguard Group in embracing “robo” firms that use algorithms to create portfolios based on questions investors answer online, as highlighted in the report.

Speaking about the FutureAdvisor deal, Robert Goldstein, chief operating officer and global head of BlackRock Solutions, reportedly told the Wall Street Journal last month that clients were approaching the platform looking for help serving investors who didn't have enough savings to meet the investment minimums required to work with a financial advisor.

Separately, last week BlackRock sadly announced that its co-president, Charles Hallac, has passed away after battling a terminal illness for nearly four years.