Asset manager BlackRock's senior executive Mark Wiedman, who was touted to be a potential successor to CEO Larry Fink, is departing the firm, said two sources familiar with the matter.

Wiedman, head of the global client business, was instrumental in driving BlackRock's growth in passive investing.

BlackRock Inc. is elevating several senior executives to expand its business in the Americas and with key institutional clients, following the announced departure of Mark Wiedman, once seen as a potential successor to Chief Executive Officer Larry Fink.

Mark Wiedman, head of BlackRock's (NYSE:BLK) global client business and potential successor to CEO Larry Fink, is leaving the asset manager after two decades to pursue other opportunities, according to a media report dated Tuesday.

Mark Wiedman was most recently head of BlackRock’s global client business

Wiedman, who joined BlackRock in 2004 to help build the firm’s Financial Markets Advisory Group, was seen as one of a handful of the New York-based money management giant’s executives who could be tapped to fill CEO Larry Fink’s shoes when the 72-year-old co-founder of the firm eventually retires.