A BlackRock executive who recently left the world’s largest asset manager has now reappeared at Citadel Securities. Tony Tang will become Citadel Securities’ 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.
Tang’s new employer 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 Securities 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 Securities, he will play a similar leading role. A highly important post, as China’s reopening post-COVID revitalizes Asian economies.
Tang has also held roles at Greenwich Capital Group, ABN Amro Bank, and J.P. Morgan. Before reentering the private sector, the experienced financier was a senior player at the China Securities Regulatory Commission, the Chinese government’s version of the American Securities and Exchange Commission (SEC).
During his tenure there, Tang served as deputy director-general of the Department of Fund Supervision and the Department of International Affairs.
SEC Due to Rule on BlackRock Spot Bitcoin ETF
The news comes at a sensitive moment for BlackRock. Much of the financial world is watching as BlackRock beefs up its presence in Asia with a refresh of its leadership team.
Last week, the financial giant added Dennis Quah as Singapore Wealth head, focusing on building client portfolios through partnerships with insurers, consumer banks, and private banks. The firm also welcomed Mandy Lui as head of Greater China Wealth, leading the department from Hong Kong starting in mid-August.
The SEC decision on the approval of BlackRock’s application for a US spot Bitcoin exchange-traded fund (ETF) is still pending. It would be hard to exaggerate the ruling’s potential significance for BlackRock.
If the SEC gives the go-ahead, BlackRock will be the first to offer a spot Bitcoin ETF in the United States. ETFs offer a simpler way to gain exposure to the Bitcoin (BTC) market without buying the cryptocurrency itself.
The EU has already beaten the US in the race to its first spot Bitcoin ETF.
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