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Photo: Richard Lautens/Toronto Star via Getty Images

Mark Wiseman is out at BlackRock, where he was considered a possible successor to CEO Larry Fink, after engaging in a consensual affair with a subordinate without disclosing it to the company.

The big picture: He's already been removed from the company website, and emails to his BlackRock account bounce back. Wiseman, whose wife also works at BlackRock, joined in 2016 after leading the Canada Pension Plan Investment Board.

  • He was credited at CPPIB with developing its direct private equity investment strategy, part of the "Canadian model" that has become the envy of U.S. public pension funds.
  • It was something he was helping to adapt to BlackRock, both via a new "long term capital" fund and by bidding to advise CalPERS on its own direct investment plan (which has since been put on ice).

A BlackRock spokesman cautioned Axios not to overstate Wiseman's role in private equity, saying his primary job was as global head of active equities.

  • His part-time job was chairman of BlackRock Alternative Investors — which includes PE, hedge funds, etc. — where group head Edwin Conway remains in place (and never reported directly to Wiseman).
  • Wiseman also served on the BAI investment committees and chaired the LTC fund, which will continue to be led by Andre Bourbonnais.

This seems pretty simple:

  1. Don't sleep with subordinates.
  2. If you feel you must, tell HR.
  3. But if you don't want to tell HR, perhaps because your spouse also works at the same company, refer back to #1.

Go deeper: After brief Khashoggi boycott, BlackRock's Larry Fink returns to Saudi Arabia

Go deeper

Updated 41 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: WHO: AstraZeneca vaccine must be evaluated on "more than a press release."
  2. Politics: McConnell temporarily halts in-person lunches for GOP caucus.
  3. Economy: Safety nets to disappear in DecemberAmazon hires 1,400 workers a day throughout pandemic.
  4. Education: U.S. public school enrollment drops as pandemic persists.
  5. Cities: Surge in cases forces San Francisco to impose curfew — Los Angeles County issues stay-at-home order, limits gatherings.
  6. Sports: NFL bans in-person team activities Monday, Tuesday due to COVID-19 surge — NBA announces new coronavirus protocols.
  7. World: London police arrest more than 150 during anti-lockdown protests — Thailand, Philippines sign deal with AstraZeneca for vaccine.

Tony Hsieh, longtime Zappos CEO, dies at 46

Tony Hsieh. Photo: FilmMagic/FilmMagic

Tony Hsieh, the longtime ex-chief executive of Zappos, died on Friday after being injured in a house fire, his lawyer told the Las Vegas Review-Journal. He was 46.

The big picture: Hsieh was known for his unique approach to management, and following the 2008 recession his ongoing investment and efforts to revitalize the downtown Las Vegas area.

Dan Primack, author of Pro Rata
13 hours ago - Economy & Business

The unicorn stampede is coming

Illustration: Annelise Capossela/Axios

Airbnb and DoorDash plan to go public in the next few weeks, capping off a very busy year for IPOs.

What's next: You ain't seen nothing yet.

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