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The world’s largest asset manager has added two high-flying executives to its Asia team. The timing is sensitive, as the firm and the market await the SEC’s approval of BlackRock’s spot Bitcoin ETF.
On Monday, news broke of two high-profile appointments to lead BlackRock’s Greater China and Singapore wealth teams, respectively.
BlackRock Refreshing Its Asia Line-Up
Dennis Quah will take on the role of Singapore Wealth head. He will concentrate on establishing partnerships with insurers, consumer banks, and private banks while collaborating with specialists to build client portfolios. Quah comes to BlackRock with twenty years of experience in Asian asset management, distribution, and product development.
Mandy Lui will join BlackRock in the middle of August as head of Greater China Wealth. Lui will lead the department from a base in Hong Kong.
The firm, which has approximately $8.59 trillion dollars in assets in management as of December 31, 2022, is headquartered in New York. But the financial powerhouse’s global growth is relentless. It currently has 78 offices in 36 countries, with a prominent presence in all of the world’s leading cities.
But even an asset manager this ambitious faces significant turnover. The change to BlackRock’s Asia-Pacific team comes after Nicholas Chiu left the asset manager earlier this year.
Chui was the co-manager of the BlackRock GF China Fund, the BlackRock GF Asian Dragon Fund, the BlackRock GF China Flexible Equity Fund, and the BlackRock Asia Fund.
Amin Nasser Recently Joined From Saudi Aramco
The asset manager has recently made controversial changes to its top lineup. Including the hiring of executives who, some believe, do not fit BlackRock’s supposed profile as a socially conscious firm.
Last week, BlackRock added Amin Nasser to its board, joining from oil titan Saudi Aramco, the world’s largest oil company. Nasser was previously the CEO of the Saudi state-owned oil giant.
The change puzzled many, as BlackRock has been at the forefront of ethical investing and implementing environmental, social, and governance (ESG) standards. And rarely ceases to remind the public of this fact.
Even more concerning for BlackRock, and investors, are recent scams and the fear, uncertainty, and doubt (FUD) resulting from them. Such as the SEC going after a former executive for a conflict of interest involving movie ad investments.
It is a highly sensitive juncture. The firm is currently awaiting approval for the United States’ first spot Bitcoin ETF. Many speculate that the SEC will eventually approve the Bitcoin ETF, despite its initial rejection due to minor application errors.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
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