The senior figure serves clients in the Silicon Valley area, coming after a period of change at Iconiq.

Silicon Valley wealth manager Iconiq has recruited a BlackRock executive to look after ultra-high net worth clients, according to a media report.

Nugi Jakobishvili, who led a team at BlackRock focused on alternative investments, will become the investment chief for Iconiq Capital’s family office clients, the Wall Street Journal reported, quoting unnamed sources. He starts at the firm in January.

Family Wealth Report contacted Iconiq and BlackRock for comment and may update in due course.

As the WSJ report noted, the arrival of Jakobishvili comes after a period change at Iconiq. One of its co-founders, Chad Boeding, recently left to start a new rival wealth manager called Epiq Capital Group. FWR reported on that move here.

Jakobishvili started with BlackRock in 2006 and was part of a team tasked to oversee certain assets of insurer American International Group following the 2008 financial crisis. 

The WSJ said that Jakobishvili’s former post at BlackRock will be filled from within the company. Pam Chan, a senior portfolio manager, will become investment chief and co-head of the group alongside existing co-head Andrew Berg, the report said, citing an internal memo.