Tony Tang, Blackrock
Tang, who will take up his newly-created role in July, was most recently CEO of international business at GF Securities. Before that, he was CEO of China Asset Management.
The understanding and contacts Tang he gained from an earlier stint at the Chinese Securities Regulatory Commission (CSRC) might be especially useful for any foreign firm trying to navigate its way in China. Between 2009 to 2014, he held various positions at the CSRC, including deputy director-general at the department of international affairs and deputy inspector at the department of fund supervision.
“China is a strategic priority for us and we remain very engaged in pursuing our long-term strategy in this key market,” said CEO Laurence Fink, in a statement.
Tang will report directly to Geraldine Buckingham, chair and head of Asia Pacific. He will also join the firm’s Asia-Pacific executive committee.
“Through his deep regulatory expertise and significant commercial experience, [Tang] has a strong command of China’s evolving business and regulatory landscape,” said Buckingham in the statement.
Buckingham only took up her current Hong Kong-based role in February, succeeding Ryan Stork, who was promoted to deputy global chief operating officer.
As of March 31, 2019, the firm managed approximately $6.52trn in assets and attracted $65bn of total net inflows in the first three months of the year, according to the first quarter results statement.
Blackrock’s $1.4bn China Fund was launched in June 2008 amid the global financial crisis. It has earned a cumulative three-year return of 39.45%, and has top five holdings in Tencent, Alibaba, Baidu, Bank of China and China Construction Bank.
Performance of Blackrock GF China Fund vs Sector Average and MSCI China Index*