BlackRock’s China chief Tang departing 2023

Tony Tang, the director of China division for BlackRock Inc. (BLK.N), is leaving the asset manager, the company announced on Tuesday. Tang was instrumental in expanding operations in the world’s second-largest economy.

BlackRock, the world’s largest asset manager, stated in response to a Reuters inquiry that Tang “has expressed interest in exploring opportunities” outside the company.

The company announced that BlackRock’s deputy head of Asia Pacific and head of Greater China, Susan Chan, now directly oversees its China onshore business. Chan serves on the global executive committee of the U.S. company.

Tang did not respond promptly to a request for comment

“China represents a significant opportunity for BlackRock to contribute to the financial futures of a new generation of investors,” stated the company.

Tang, a former Chinese securities regulator, became BlackRock’s China business director in 2019 and has been one of CEO Larry Fink’s most trusted advisors.

BlackRock established a wholly-owned China fund management unit and a joint venture with China Construction Bank and Temasek to provide wealth management services to Chinese investors during Tang’s tenure as China chief.

China’s contribution to BlackRock’s global total assets is negligible. The New York-based firm managed $9.1 trillion in assets at the end of the first quarter, down from $9.57 trillion a year earlier.

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