BlackRock chairman and CEO Laurence Fink said, "BlackRock is expanding its already highly respected board of directors to add capabilities critical to its continued growth and evolution as a global financial services leader in an extraordinarily challenging and rapidly changing market environment.

"Fabrizio Freda will bring valuable insights on running a large company with diverse worldwide operations and powerful consumer brands, and Jessica Einhorn will add further breadth to our Board’s diverse experience with her expertise in international finance, economic development and public policy," Fink said.

Einhorn will join the board immediately and Freda will join in October 2012.

Most recently, Freda was serving as president and chief executive officer of the Estée Lauder Companies and Einhorn was working as a director of Time Warner since 2005.

Prior to working with Estée Lauder Companies, Freda held various senior positions at Procter & Gamble for almost 20 years.

As of 30 June 2012, BlackRock had AUM of $3.560 trillion and offers services pertaining to the investment management, risk management and advice for institutional and retail clients worldwide.