UPDATE: BlackRock General Counsel Robert Connolly Retiring

BlackRock Inc. (BLK) said Tuesday its General Counsel Robert Connolly is retiring and has appointed senior advisor Matthew Mallow as interim general counsel while the world's largest money manager searches for a successor.

The retirement of Connolly, 57, was announced internally on Jan. 24 in a memo in which Chief Executive Larry Fink said Connolly, a 15-year veteran at the firm, has been a "valued adviser to BlackRock, its board and our senior management team," and has built a global team comprising over 250 lawyers and compliance officers.

The personnel change was reported earlier Tuesday by Reuters, which cited people familiar with the matter as saying internal conflicts were a factor in Connolly's retirement.

A BlackRock spokeswoman said Connolly is still on good terms with the asset manager and that the retirement plan has been in the works for some time.

Connolly will serve as adviser to the firm and work with Mallow during the transition, the memo said.

Mallow joined BlackRock 18 months ago, but he has worked closely with the asset manager for more than a decade, advising on its 1999 initial public offering when he was a partner of international law firm Skadde, Arps, Slate, Meagher & Flom. He is also an Adjunct Professor of Law at New York University School of Law.

-By Amy Or, Dow Jones Newswires, +1 212 416 3142, amy.or@dowjones.com

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