Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

BlackRock names Hua Fan as China asset management joint venture head

Published 09/30/2022, 12:15 AM
Updated 09/30/2022, 01:16 AM
© Reuters. FILE PHOTO: The BlackRock logo is pictured outside their headquarters in the Manhattan borough of New York City, New York, U.S., May 25, 2021.  REUTERS/Carlo Allegri

© Reuters. FILE PHOTO: The BlackRock logo is pictured outside their headquarters in the Manhattan borough of New York City, New York, U.S., May 25, 2021. REUTERS/Carlo Allegri

HONG KONG (Reuters) - BlackRock Inc (NYSE:BLK)'s majority-owned China asset management unit has named Hua Fan, former chief investment officer of China Merchant Bank's wealth management business, as its new general manager, equivalent to chief executive, the U.S. asset manager said in a statement.

Fan is likely to start in her new role after getting regulatory approval, and will replace Bing Ji, who is stepping down two years after being appointed as general manager of the China asset management unit.

The world's largest asset manager launched BlackRock CCB Wealth Management, a joint venture with China Construction Bank (OTC:CICHF) Corp and Singapore's Temasek Holdings, in May 2021.

The venture has raised around 7 billion yuan ($975 million) via five products rolled out so far, according to official sales documents.

Ji will stay with BlackRock and relocate to Hong Kong, according to the company statement, where he was based earlier and provided sales services to China's largest institutional investors.

© Reuters. FILE PHOTO: The BlackRock logo is pictured outside their headquarters in the Manhattan borough of New York City, New York, U.S., May 25, 2021.  REUTERS/Carlo Allegri

The firm is "exploring future roles in Hong Kong with Ji," according to the statement, which did not provide any further details.

(This story refiles to correct titles of JV's new and former chiefs to general manager throughout story, gender of new chief in paragraph two)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.