(Yicai Global) June 6 -- Tony Tang, head of BlackRock China, has resigned after four years at the firm due to “personal reasons,” Yicai Global learned. 

“Tony Tang has expressed an interest in exploring opportunities outside BlackRock,” a statement from the world’s largest asset manager confirmed today. Global Executive Committee member Susan Chan, who is also Asia Pacific deputy head and China chief, now directly oversees BlackRock’s business in the country, it added.

Tang, who worked at GF Securities in Hong Kong, the China Securities Regulatory Commission, and JPMorgan Chase in New York before joining the firm, was a key figure in expanding BlackRock’s business and headcount in China.

“Since joining the firm, Tony has been instrumental in establishing BlackRock’s domestic China presence and building a strong leadership team,” the firm said.

During his tenure, BlackRock and China Construction Bank’s wealth management arm set up a joint venture, BlackRock Jianxin Wealth Management, in which BlackRock owns 50.1 percent. The JV brought out several WM products as well as pension WM products in Guangzhou and Chengdu last April, taking the first step for a foreign wealth manager in the third pillar of China’s pension system.

BlackRock also secured a public funds license in China in 2021, becoming the first foreign-owned firm permitted in the business. It introduced a number of products, covering stocks and bonds in the Chinese mainland and Hong Kong markets.

The New York-based firm raised CNY6 billion (USD842.7 million) via its first China fund in September 2021, but due to market volatility, the fundraising and performance of its other products was flat.

Whether BlackRock’s performance can catch up as the market recovers and how it will continue to promote its business layout in China in a challenging global environment remain the biggest test, according to analysts.

“China represents a significant opportunity for BlackRock to contribute to the financial futures of a new generation of investors,” BlackRock said today. “We are excited to be a participant in this journey, which we see as a long-term commitment.”

Editor: Peter Thomas