Charles Hallac, the Wall Street veteran who got his start working with mortgage-backed securities on his way to becoming co-president of BlackRock Inc., has died after an almost four-year battle with cancer. He was 50 years old.
Hallac was BlackRock's first employee in 1988. Previously, he worked as an associate in the mortgage products group at The First Boston Corp. with Laurence Fink, one of the first MBS traders on Wall Street in 1970s and '80s. Fink went on to found BlackRock and continues to serve as its chairman and CEO.
During his 27-year career at BlackRock, Hallac was perhaps best known for conceiving the asset management firm's Aladdin investment operating system, according to a company press release. Hallac and Fink also worked with the Federal Reserve Bank of New York to
"He was a visionary who embodied our culture and was truly the heart and soul of BlackRock…His unrelenting focus and passion to transform our firm and industry through technology were unmatched," Fink said in a statement about Hallac's passing.
Hallac is survived by his wife, Sarah, and three children, David, Rebecca and AJ.
