Som Seif leaving BlackRock

BlackRock Investments Canada has announced the departure of Som Seif, former president and CEO of Claymore Investments, the ETF firm bought by BlackRock in January of this year.

“We’d like to thank Som for his innovation and contribution to the Canadian ETF marketplace and for his guidance through the transition” said Mary Anne Wiley, managing director and head of iShares, BlackRock Canada. “Without question, bringing together the impressive combined product roster and people on BlackRock’s platform will deliver an unparalleled opportunity to serve Canadian investors.”

Som Seif founded Claymore in Canada in 2005 and grew the business to nearly $8 billion in assets, making it one of the fastest growing investment firms in Canadian history.

“I am extremely proud of what we built and would like to thank everyone who helped make Claymore a success.” said Seif. “That success would not have been possible without the commitment and passion of our small team who always believed in making intelligent and affordable investment solutions more accessible, and I would like to recognize them for their hard work.”

Seif will stay on board with BlackRock until mid-April to work with the team through the transition, as Wiley takes over control of the entire ETF business.

In a related story, BlackRock has announced it will terminate the Claymore Inverse 10 Yr Government Bond ETF, on or about June 22, 2012. The proceeds will be distributed to unitholders less all liabilities and all expenses to be incurred in connection with the termination of the fund.

“We believe in providing products that will help investors build robust portfolios and achieve their savings and investment goals,” said Wiley. “Given the fund’s mandate is speculative in nature and designed for short-term use, we don’t believe it fits well with the iShares brand or product philosophy and will be terminating the fund.”

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