American asset manager BlackRock has appointed Tony Tang as the head of its China business.
Tang will be tasked with managing the execution of BlackRock’s long-term business strategy in China.
In the new role, he will report to BlackRock Asia Pacific chair and head Geraldine Buckingham.
Additionally, he will have a seat on the Asia Pacific executive committee of BlackRock.
“China’s commitment to further opening the asset management industry, coupled with growing demand from both domestic and international investors, present a tremendous opportunity,” Tang stated.
Tang joins from GF Securities, where he latterly served as the international business chief.
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By GlobalDataPreviously, he was CEO of China Asset Management Company for nearly four years.
He also had a stint at the Chinese Securities Regulatory Commission (CSRC).
He served as CSRC Department of International Affairs deputy director-general and Department of Fund Supervision deputy inspector.
BlackRock chairman and CEO Laurence Fink said: “China is a strategic priority for us and we remain very engaged in pursuing our long-term strategy in this key market.
“The appointment of Tony Tang underscores our commitment to leverage BlackRock’s experience and expertise to be part of a solution in China’s asset management industry.”
The appointment comes shortly after the announcement of BlackRock’s first quarter results.
In the quarter ended 31 March 2019, the firm reported attributable net income of $1.05bn- down 3% on a year-on-year basis.
