BlackRock Asset Management has hired Jeong Hoon Lee as head of alternative investment strategy for North Asia, according to a company statement. He joined the firm on 8 January and will be based in Seoul.
Lee has more than 15 years of private equity experience and will develop client relationships and identify possible investment opportunities in the North Asia region for BlackRock. Previously, Lee was head of the Fortress Investment Group in Seoul and has worked at Franklin Templeton subsidiary Darby Private Equity, the statement said.
The North Asia role is a newly created position at the firm, with Lee being the third change to senior management since last March when Joseph Pacini joined BlackRock as the head of alternative investment strategy. In December, Andrew Landman joined as head of alternatives in Australia.
“Jeong Hoon’s appointment demonstrates our commitment to expanding BlackRock’s alternatives business in the region. As alternatives vie to become part of the new mainstream in Asia, we are focused on bringing investment opportunities outside the region to our Asian clients as well as focusing on emerging opportunities in Asia for our global clients,” Pacini said in a statement.
As of 31 December 2012, BlackRock manages approximately $113 billion in alternative assets globally, of which over 20 percent comes from the Asia Pacific region, according to the firm. It has $3.8 trillion in total assets under management.