BlackRock, the world's biggest money-manager, has recruited a McKinsey partner who once led an analysis of New York's emergency response to the 9/11 attacks, to lead a new internal "investment institute".

Lee Kempler, a partner and director at the famous consultancy, was one of a small team of McKinseyites who looked at the response of New York City's police and fire departments to the terrorist attack. The study, published in 2002, recommended overhauls of procedures and closer co-operation between the two services.