The designated head of iShares Australia has decided against formally accepting the job, and will take a break from the industry rather than continue employment with the ETF vendor’s new owner, BlackRock Investment Management (Australia).

Katherine Allchin, who headed distribution at Barclays Global Investors before its purchase by BlackRock, is understood to have verbally accepted the offer to run iShares Australia in late October.

The then current co-head of iShares Australia, Adam Seccombe, was to have reported to her, while the other co-head, Tim Bradbury, was made redundant at the time.

In the ensuing period, however, Allchin is said to have had a change of heart, and decided that after 11 years with Barclays it was time for a break, allowing her to see more of her family before a return to the industry at some stage next year.

An iShares spokesperson confirmed Allchin’s departure and said a selection process was underway to determine who would run the company. BlackRock Investment Management (Australia) chief executive, Will Britten, will take charge of the ETF vendor in the interim.