The top leader of the $9 trillion asset management group in China has resigned! Company | Tang Xiaodong | Leader

Release time:Apr 13, 2024 20:48 PM

On June 6th, a reporter from First Financial News learned that Tang Xiaodong, the head of BlackRock China, Chairman of BlackRock Fund Management Co., Ltd., and member of BlackRock Asia Pacific Executive Committee, has resigned, which has attracted industry attention.

On the same day, BlackRock's spokesperson for the Asia Pacific region responded to a reporter from First Financial that Tang Xiaodong had resigned completely due to personal reasons and hoped to explore opportunities in careers outside the company. BlackRock's commitment to the Chinese market remained unchanged.

The reporter also learned that in the future, Chen Huilan, a member of BlackRock's Global Executive Committee, will directly lead the company's onshore business in China. She will also serve as the deputy director of the company's Asia Pacific region and the director of Greater China. Chen Huilan is one of the top leadership members of BlackRock Group. Tang Xiaodong joined BlackRock four years ago. However, it is currently unknown whether Tang Xiaodong will seek alternative candidates for this position in the future, which will depend on the internal judgment of Chen Huilan and BlackRock Group.

According to public information, Tang Xiaodong has served as the Deputy General Manager of Guangfa Securities and President of Guangfa Holdings Limited, General Manager of Huaxia Fund Management Co., Ltd., and Deputy Director of the International Department of the China Securities Regulatory Commission. Tang Xiaodong began his career in the United States, having worked for international financial institutions such as Royal Bank of Scotland, Bank of the Netherlands, and JPMorgan Chase; Tang Xiaodong obtained a Master's degree in Business Administration from the University of Chicago Business School and a dual Master's degree in Physics and Computer Science from Drexel University in the United States.

The changes in Tang Xiaodong have attracted great attention from the market. On the one hand, BlackRock is the largest asset management institution in the world. As of December 31, 2022, BlackRock's total assets under global management are about 8.59 trillion US dollars, and the layout of this American giant in China has attracted much attention; On the other hand, Tang Xiaodong has been a core figure responsible for expanding BlackRock's business in China for the past four years. In June 2021, BlackRock began construction on dual channels in China. During the Lujiazui Forum on June 10 of that year, BlackRock held the unveiling ceremony of its joint venture wealth management company and announced on June 11 that it had obtained a public fund license, demonstrating the determination of international institutions to rapidly increase their layout in China. BlackRock is also the first wholly-owned public fund approved for operation under this round of financial openness.

In the past two years, BlackRock Fund has issued multiple public fund products, covering A-shares, Hong Kong stocks, bonds and other underlying assets; In the joint venture wealth management company BlackRock China Securities, BlackRock holds 50.1% of the shares, China Securities Limited holds 40% of the shares, and Temasek Singapore holds 9.9%. The company is registered in Shanghai with a registered capital of 1 billion yuan. The joint venture wealth management company has also issued multiple wealth management products, focusing on systematic investment strategies and tends to target high net worth banks. In addition, on April 25, 2022, BlackRock Jianxin's first pension wealth management product - "BlackRock Jianxin Wealth Management Beianxin 2032 Pension Wealth Management Product Phase 1" - began to be issued simultaneously in Guangzhou and Chengdu, which is also the first step for foreign investment to participate in China's third pillar of wealth management.

In the past two years, BlackRock has been continuously recruiting troops and horses in mainland China. In September 2022, First Financial exclusively reported that Fan Hua, former head of equity at CMB Wealth Management, was appointed as the new CEO of BlackRock Jianxin Wealth Management. Fan Hua was appointed as the General Manager, succeeding Ji Bing and reporting to Tang Xiaodong. BlackRock exclusively responded to First Financial at the time, stating that the company's general manager, Ji Bing, will return to work in Hong Kong after BlackRock Jianxin Wealth Management completed its founding and launched a series of products.

In terms of public funds, BlackRock Fund is accelerating the recruitment of local fund managers. Last year, BlackRock appointed investment veteran Shen Yufei from local public funds as the fund manager for the new fund. Unlike Lu Wenjie and Shan Xiuli, who previously favored hiring with a "foreign investment background" and lacked experience in domestic public fundraising, Shen Yufei was completely "born and raised". According to public information, Shen Yufei obtained a Ph.D. in Economics from Fudan University and worked at Galaxy Fund for a long time after graduation. He has served as a macro strategy researcher, industry researcher, fund manager assistant, and fund manager.

In addition, BlackRock Fund's bond fund managers also come from local institutions. Last year's BlackRock Puyue Fengli one-year holding was the fourth fund issued by the institution since its establishment, and also the first bond fund issued. The fund manager is Li Qian, who is the first fund manager introduced from an external institution after the establishment of BlackRock Fund. According to the data, Li Qian previously worked as a fund manager at Hongde Fund.

In the future, the challenges for foreign public funds to overcome in the mainland Chinese market are still significant. After BlackRock's first A-share product, released in September 2021, sold for nearly 6 billion yuan, the fundraising and performance of the other products were quite lackluster due to market fluctuations. In the future, whether the performance can catch up during the market recovery period and how BlackRock can continue to promote its business layout in China in a challenging global market landscape remain the biggest tests.

On the 6th, BlackRock also stated that its long-term commitment to the Chinese market remains unchanged. "The Chinese market is a significant development opportunity for BlackRock to contribute to the financial well-being of the new generation of investors. We are excited to be involved and consider it our long-term commitment."

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