Rich Kushel is a member of BlackRock’s Global Executive Committee. He is a Senior Managing Director is head of the Multi-Asset Strategies. Previously, Kushel was BlackRock’s Chief Product Officer and head of the Strategic Product Management Group, BlackRock Investment Stewardship, and the BlackRock Investment Institute. Kushel held several positions within the firm, including heading BlackRock’s International Institutional business and heading BlackRock’s Alternatives efforts and Wealth Management Groups. Prior to joining BlackRock in 1991, he was an associate in the Financial Institutions Group at Prudential Securities. Kushel earned a BS degree in industrial engineering from Stanford University in 1988.
An AWC was issued in which the firm was censured, fined $1,000,000 and required to retain one or more qualified independent consultants not unacceptable to FINRA to conduct a comprehensive review of the adequacy of its compliance with FINRA rules in connection with the violations described in the AWC. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it disseminated inaccurate information about group variable annuities expense ratios and inaccurate historical performance information about investment options offered in those annuities.