BlackRock Co-founder Joins BoD of the American Financial Exchange (AFX)

The American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American banks and financial institutions, issued its official announcement that it has appointed Barbara G. Novick, co-founder of BlackRock and current Senior Advisor to the firm, will serve as an independent director on AFX's Board of Directors.

According to the announcement, Novick was a co-founder of BlackRock in 1988; she transitioned from Vice Chairman to Senior Advisor as of February 2021. From the inception of the firm in 1988 to 2008, Ms. Novick headed the Global Client Group and oversaw global business development, marketing and client service across equity, fixed income, liquidity, alternative investment and real estate products for institutional and individual investors and their intermediaries worldwide. In 2009, Ms. Novick established BlackRock's Global Public Policy Group to provide a voice for investors.

Richard L. Sandor, AFX's Chairman and CEO, said: “We are honored and privileged to announce that Barbara Novick has joined AFX's Board. She is a true trailblazer who has been at the forefront of finance, co-founding one of the largest asset managers in the world. Our board looks forward to working with her and benefiting from her entrepreneurship and vision.”

Commenting on the new role, Novick said: “I am delighted to join the American Financial Exchange, Dr. Richard Sandor, and other members of the AFX Board as they envision and blaze a trail toward the future of American banking. The world has changed, and the financial industry will come to recognize that the time for one single benchmark has passed, and we will find that multiple benchmarks tailored to the needs of individual banking sectors is the path forward.  One size does not fit all, and the AFX AMERIBOR benchmark is a leader for those financial institutions that need a credit-based solution.”