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Money Management

BlackRock names first head of its China business

Xiaodong "Tony" Tang will join BlackRock (BLK) in July as head of China, the New York-based money manager announced Wednesday.

The position is new, said a spokeswoman for the firm.

Laurence D. Fink, BlackRock's chairman and CEO, in a news release, reiterated China's importance as a "strategic priority" for the firm and said Mr. Tang will help drive BlackRock's long-term business strategy there.

Mr. Tang comes to BlackRock from GF Holdings (Hong Kong) Ltd., which he joined in mid-2018 as CEO. He also served as deputy general manager of parent company GF Securities Co. Ltd., a leading Shenzhen-based brokerage firm.

A spokeswoman for GF (Hong Kong) declined comment.

Prior to GF, Mr. Tang served for four years as CEO of China Asset Management Co., one of the mainland's largest fund management companies. Before ChinaAMC, he worked at the China Securities Regulatory Commission.

The spokeswoman for BlackRock said Mr. Tang will split his time between Beijing, Shanghai and Hong Kong.

Mr. Tang oversaw GF's international operations at a turbulent time for China and global markets, with mainland stocks falling sharply in 2018.

Volatility at home and abroad also tagged a hedge fund GF launched in 2016 — the Pandion Multi-Strategy Fund SP — with a $139 million loss, which a company statement attributed, in part, to a spate of "sharp fluctuations in foreign exchange" beginning in August 2018.

The March 27 statement said GF had invested roughly $90 million in the fund as of Dec. 31, but those foreign-exchange-related losses had left Pandion with a net value of negative $44 million.