A BlackRock executive who recently left the world’s largest asset manager has now reappeared at Citadel Securities. Tony Tang will become Citadel’s new China boss as the firm looks to broaden and accelerate its growth in the region.
Tang is no stranger to the China market and the opportunities and challenges it presents. That was his focus at BlackRock from June 2019 to June of this year. Tang was chairman of the New York-based firm’s Chinese fund management unit as well as BlackRock’s Asia Pacific executive committee.
BlackRock’s China Supremo Jumps Ship
Citadel Securities, Tang’s new home, is a leading US market maker aiming to expand its presence in Asia. However, BlackRock, the industry giant, has also been making aggressive moves into Asia, which begs the question why Tang, an experienced hand in Asian asset management, would choose to jump ship and redomicile.
Citadel is no financial minnow, either. While it cannot compete with BlackRock’s $17.8 billion in revenue for last year, it can still boast an impressive $ 7.5 billion.
Moreovoer, Citadel is also the largest designated market maker on the New York Stock Exchange.
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At BlackRock, Tang played a key role in expanding the firm’s presence in Asia. A continent that, despite recent turmoil, holds out billions of potential customers.
At Citadel, he will play a similar leading role. A highly important post, as China’s reopening post-
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Author: Josh Adams
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