BlackRock Inc (NYSE:BLK), the world’s leading asset manager, has announced the departure of Tony Tang, its esteemed China business head. Tang, who played a pivotal role in expanding BlackRock’s operations in the dynamic landscape of the world’s second-largest economy, has expressed a keen interest in exploring new opportunities beyond the realm of the firm.
In response to a query from Reuters, BlackRock acknowledged Tang’s intention and issued a statement affirming the appointment of Susan Chan, the company’s deputy head of Asia Pacific and head of Greater China, as the direct overseer of its China onshore business. Chan, a prominent figure on BlackRock’s global executive committee, assumes this crucial responsibility, heralding a new chapter for the company’s ventures in China.
Emphasizing the significance of China’s market, BlackRock underscored its commitment to empowering a burgeoning generation of investors and contributing to their financial futures. This sentiment reflects the firm’s recognition of the immense potential within China’s economic landscape.
Tony Tang, a seasoned professional and former Chinese securities regulatory official, assumed the role of BlackRock’s China business head in 2019, swiftly becoming one of CEO Larry Fink’s most trusted advisors. Despite numerous attempts to contact Tang for comment, Reuters received no immediate response.
Under Tang’s visionary leadership, BlackRock achieved notable milestones in China. These accomplishments include the establishment of a wholly-owned China fund management unit and a joint venture with China Construction Bank (OTC:CICHF) and Temasek, providing wealth management services tailored to Chinese investors’ unique needs.
However, it is essential to note that China’s contribution to BlackRock’s total global assets remains relatively modest. With its headquarters based in New York, the firm reported a total of $9.1 trillion in assets under management at the end of the first quarter, a slight decline from $9.57 trillion in the previous year.
As Tony Tang bids farewell to BlackRock, his departure marks a transition for the company’s China business. The stage is set for Susan Chan to shape the future of BlackRock’s operations in the dynamic Chinese market, a realm brimming with opportunities waiting to be seized.
