(Yicai) Jan. 15 -- BlackRock has promoted Susan Chan to head up the world's biggest asset manager’s Asia Pacific business. She was previously its regional deputy head.
Chan replaces Rachel Lord, who will relocate to London to become head of international operations, BlackRock announced recently.
Chan will be responsible for a full range of platforms serving wealth and institutional investors via BlackRock’s active, index, exchange-traded funds, alternatives, and technology offerings, the New York-based firm said.
Chan joined BlackRock in 2013. She used to be head of China, as well as head of trading, liquidity, and lending in the Asia Pacific. Before joining, she worked for Deutsche Bank Hong Kong and Barclays Capital Asia.
Last June, Tony Tang stepped down as BlackRock's head of China. In late July, he joined Citadel Securities, one of the world's biggest market makers. At that time, BlackRock said that Chan would take over and lead the firm's onshore business in China.
Following Chan's new role, BlackRock will make Fan Hua its head of China. Fan, who joined the firm in 2022, is chief executive of its joint venture wealth manager BlackRock CCB Wealth, which was founded in 2021. BlackRock owns 50.1 percent of the JV and China Construction Bank and Singapore's Temasek Holdings hold 40 percent and 9.9 percent, respectively.
BlackRock managed USD10 trillion of assets as of Dec. 31, up 16 percent from a year ago, per its latest financial report. It earned a USD5.5 billion net profit on revenue of USD17.9 billion last year.
Editor: Emmi Laine