(Yicai Global) July 31 -- After resigning as China head at US financial giant BlackRock last month, Tony Tang will take charge of the Chinese business of Citadel Securities from September to boost its growth in the local market, Yicai Global learned today.

Citadel Securities, a leading US market-making firm, has been enhancing its foothold in the Chinese market at a quicker pace in recent years. It became a Qualified Foreign Institutional Investor in early February, according to the website of the China Securities Regulatory Commission. 

The QFII, Shanghai-Hong Kong Stock Connect, and Shenzhen-Hong Kong Stock Connect are the three main channels for offshore investment in the Chinese mainland stock market.

Tang stepped down as BlackRock's head of China, chairman of the New York-based firm's Chinese fund management unit, and BlackRock's Asia Pacific executive committee in June. He was previously president of GF Holdings Hong Kong, general manager of China Asset Management, and deputy director of the CSRC's overseas department.

“Tang can help Citadel Securities accelerate the development of its Chinese business with his successful experience in China and his in-depth understanding of the industry, pushing forward the growth of Citadel Securities' international business in the next phase,” Chief Executive Zhao Peng said.

Early in his career, Tang also held key posts in leading financial services firms, including Greenwich Capital Group, ABN Amro Bank, and J.P. Morgan. 

Set up in 2002 by Wall Street legend Ken Griffin, Citadel Securities has been expanded its business scope in the Asia Pacific region recently, despite job cuts at investment banks. It set up a regional headquarter in Hong Kong and offices in Singapore, Shanghai, Sydney, Tokyo, and Gurgaon, with its headcount in the region more than doubling to over 250 in just three years.

Editors: Tang Shihua, Martin Kadiev