BlackRock’s majority-owned China asset management unit has appointed Hua Fan as its new general manager, replacing Bing Ji.
Fan, whose appointment is subject to regulatory approval, was previously chief investment officer for China Merchant Bank’s wealth management division.
Ji is set to stay with BlackRock and relocate to Hong Kong, although the world’s largest asset manager did not say what role he would be taking up.
In 2021, BlackRock launched BlackRock CCB Wealth Management, in which it holds a 50.1% stake. The other shareholders are CCB Wealth Management (40%), a unit of China Construction Bank, and Temasek Holdings (9.99%).
BlackRock CCB Wealth Management was formed after China’s Financial Stability Development Committee introduced measures in 2019 to allow foreign control of domestic wealth management companies.
Amundi and BOC Wealth Management, a subsidiary of Bank of China, were the first to gain approval to set up a joint venture under the new rules.