BlackRock hires China chairman

Former Goldman Sachs director Hsueh-ming Wang will be responsible for developing the firm’s long-term business strategy across mainland China.

BlackRock Asset Management has poached Goldman Sachs advisory director Hsueh-ming Wang to be its chairman for mainland China, according to a company statement. She will work closely with the firm’s clients and partners in China, as well as senior government officials and regulators.

Wang has been a partner at Goldman since 2000, working primarily in Greater China on a number of privatisations and advisory transactions that coincided with China’s economic reform and restructuring during the 1990s, the statement said. 

Laurence D. Fink, chairman and chief executive of BlackRock said in a statement: “BlackRock has had a long and successful business in China and we are committed to the continued development of this key market. The appointment of Hsueh-ming Wang underscores this deep commitment.”

BlackRock is a global asset manager and had $3.7 trillion in assets under management as of 30 September 2012. During the third quarter of last year, the firm acquired Switzerland-based fund of funds Swiss Re incorporating the firm’s assets into its own private equity business. 

No one at BlackRock was available for further comment about its private equity operations.