By Selena Li
HONG KONG (Reuters) – BlackRock Inc’s head of China business, Tony Tang, is leaving the asset manager, the company said on Tuesday, after having played a key role in expanding operations in the world’s second-largest economy.
BlackRock, the world’s largest asset manager, said Tang “has expressed an interest in exploring opportunities” outside the firm, in a statement responding to a Reuters query.
Susan Chan, BlackRock’s deputy head of Asia Pacific and head of Greater China, is now directly overseeing its China onshore business, the company said. Chan sits on the U.S. firm’s global executive committee.
“China represents a significant opportunity for BlackRock to contribute to the financial futures of a new generation of investors,” the company said.
Tang, a former Chinese securities regulatory official, started as BlackRock’s China business head in 2019, and has been one of the top aides to CEO Larry Fink.
Tang did not immediately respond to a Reuters request for comment.
During Tang’s tenure as China head, BlackRock established a wholly-owned China fund management unit and a joint venture with China Construction Bank and Temasek offering wealth management services to Chinese investors.
China contributes only a tiny fraction of BlackRock’s total assets globally. The New York-based firm ended the first quarter with $9.1 trillion in assets under management, down from $9.57 trillion a year earlier.
(Reporting by Selena Li; Editing by Kim Coghill and Edmund Klamann)
