Citadel Securities said on Monday that it had appointed Tony Tang, the former head of BlackRock Inc’s China business, to helm its China operations.
“Tony’s proven track record of building successful businesses in the region, combined with his unique perspective on policy and regulation, will help drive our next phase of global growth,” Peng Zhao, chief executive of the Miami-based firm, said in a statement.
Tang will start his new role in September.
Reuters first reported Tang’s departure from BlackRock in June. Tang, a former Chinese securities regulatory official, became head of BlackRock’s China business in 2019 and was one of the top aides to CEO Larry Fink.
Citadel Securities, owned by billionaire Ken Griffin and one of the world’s largest market-making firms, in February, obtained a “qualified foreign institutional investor” or QFII qualification in China. That allows the company to invest and trade in Chinese stocks and bonds from outside mainland China.
In contrast to rivals which have been cutting jobs due to geopolitical uncertainties and as high interest rates depress deal-making, Citadel Securities has been on a hiring spree. Its headcount in Asia Pacific has more than doubled to 250 in the past three years, it said.
In addition to its regional hub of Hong Kong, it has offices in Singapore, Shanghai, Sydney, Tokyo and India’s Gurugram.
Reuters