BlackRock hired Craig Phillips as head of its financial markets advisory group, which is part of the firm's BlackRock Solutions arm. BlackRock Solutions helps institutional investors and financial services firms manage capital markets exposures.

Phillips will report to Charles Hallac, vice chairman and head of BlackRock Solutions.

"Craig Phillips has been involved in the global asset-based finance markets for more than 30 years and is recognized as a leader in the development of the securitized debt markets," Hallac said in a statement. "We are looking forward to drawing on Craig's deep asset and risk management expertise as we work to broaden and enhance our firm's financial markets advisory capabilities."

Phillips was most recently managing member of alternative asset management player Ptarmigan Capital, but from 1994 to 2006 he was global head of Morgan Stanley's securitized products group. Earlier in his career, he was co-head of the U.S. securitization division at Credit Suisse First Boston.

BlackRock's financial markets advisory team has managed or worked with distressed portfolios worth more than $150 billion in the past year. At the end of the first quarter, BlackRock's new business pipeline included $62.5 billion in advisory assets under management.

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