BlackRock Inc. has hired Tony Tang as head of China, a newly created position in which he will oversee development and execution of long-term business strategy in a market that is of “strategic priority” to the world’s largest asset manager.
He will start at the US company in July and report to Geraldine Buckingham, its chair and head of Asia Pacific, BlackRock says in a statement on April 17.
Mr. Tang, a former deputy director general of the China Securities Regulatory Commission, was most recently chief executive officer of international business for China’s GF Securities in Hong Kong, and CEO of China Asset Management Co., Ltd. before that.
According to BlackRock Chairman and CEO Laurence D. Fink, Mr. Tang’s appointment “underscores our commitment to leverage BlackRock's experience and expertise to be part of a solution in China's asset management industry".
"China is a strategic priority for us and we remain very engaged in pursuing our long-term strategy in this key market," Mr. Fink says in the statement.
Ms. Buckingham adds that Mr. Tang brings a "truly unique combination of public service and financial sector experience that will prove invaluable as we serve our international and local clients".
"Through his deep regulatory expertise and significant commercial experience, he has a strong command of China's evolving business and regulatory landscape," she says.
BlackRock had US$5.97 trillion of assets under management at the end of 2018.