BlackRock is changing its strategy for interacting with wealth management clients in the US, shifting a seasoned fund distribution executive into a new role designed to cultivate relationships, including with clients in Texas, where it has run into criticism over environmentally conscious investing.

The firm, which oversees $10.5tn of assets, is also putting a longtime BlackRock wealth leader in charge of reorganised teams catering to US wealth clients, Financial News sister title Barron’s has learned. The shift comes as BlackRock, already the world’s biggest asset manager, seeks to expand its ties with rich investors and calm a backlash over oil and gas investment strategy, among other areas.