BlackRock announced yesterday that it has expanded its senior leadership team and reorganized its investment and client-facing businesses.

The New York-based investment firm has added eight executives to its global executive committee, bringing the total to 21.

BlackRock is replacing its portfolio management group, which had been headed by Rich Kushel, with five new investment groups. Kushel will be deputy chief operating officer of the firm, reporting to President Robert Kapito and chief operating officer Charles Hallac.

Kushel will also head a new strategic product management group.

The changes come as BlackRock Chief Executive Laurence Fink shifts the $3.56 trillion company’s focus from being an acquirer to operating its businesses.