This article briefly:
BlackRock, the world's largest asset manager, has appointed Dennis Quah as head of wealth in Singapore to strengthen its presence in Asia.
· Further expansion in Asia is underway: Mandy Lui joins as Head of Greater China Wealth, based in Hong Kong, with responsibility for Taiwan.
BlackRock recently added Saudi Aramco's Amin Nasser to its board, a controversial move given the firm's emphasis on ethical investing.
The world’s largest asset manager has added two ambitious executives to its Asia team. The timing is sensitive as the company and markets await approval from the U.S. Securities and Exchange Commission for 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 updates its Asia lineup
Dennis Quah will serve as Head of Wealth, Singapore. He will focus on building partnerships with insurers, consumer banks and private banks, while working with experts to build client portfolios. Quah comes to BlackRock with two decades of experience in asset management, distribution and product development in Asia.
Mandy Lui will join BlackRock in mid-August as head of Greater China wealth. Lui will lead the division from a base in Hong Kong.
The firm has approximately $8.59 trillion in assets under management as of December 31, 2022, and is headquartered in New York. But the financial giant’s global growth has been relentless. The firm now has 78 offices in 36 countries, with a significant presence in all major cities around the world.
But even such ambitious asset managers face significant turnover, and the changes to BlackRock's Asia-Pacific team come after Nicholas Chiu left the asset manager earlier this year.
Mr. Chiu was previously co-manager of BlackRock GF China Fund, BlackRock GF Asian Dragon Fund, BlackRock GF China Flexible Equity Fund and BlackRock Asia Fund.
Amin Nasser recently joined from Saudi Aramco
The asset manager recently made controversial changes to its top lineup, including hiring executives that some said didn’t fit with BlackRock’s image as a socially conscious company.
Last week, BlackRock added Amin Nasser, an oil magnate from Saudi Aramco, the world’s largest oil company, to its board. Nasser previously served as CEO of the Saudi state 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 has frequently reminded the public of that fact.
More worrisome for BlackRock and investors are recent scams and the fear, uncertainty and doubt (FUD) they have created. For example, the SEC is going after a former executive for conflicts of interest involving movie advertising investments.
This comes at a highly sensitive juncture as the company is currently awaiting approval for the first spot Bitcoin ETF in the U.S. Many have speculated that the SEC will eventually approve the Bitcoin ETF, despite it initially being rejected due to minor application errors.