Citadel Securities LLC hired BlackRock Inc.’s former China head Tony Tang to drive the company’s expansion in the country.
Tang, 55, will join Ken Griffin’s firm in September as head of China to work closely with regulators and business partners in the newly created role, the company said in a statement Monday. He will report directly to Chief Executive Officer Peng Zhao.
Citadel Securities is bolstering its business in China while it hires across Asia, expanding at a time when most financial firms are cutting costs in the region. Tang’s decades-long experience in China’s financial industry is expected to help the US company navigate the increasingly complex regulatory landscape.
“China remains a critical destination for investors around the world,” Zhao said in the statement. “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.”
Citadel Securities has more than doubled its headcount in Asia-Pacific to more than 250 employees in the last three years. It opened new offices in Singapore, Tokyo and Gurugram, India during Covid.
The company also obtained the Qualified Foreign Institutional Investor program approval in February, enabling it direct and wider access to China’s capital markets.
“Citadel is one of the few global groups this year committing to an expanded China footprint and Tony certainly has the experience to drive the agenda,” said Peter Alexander, managing director of Shanghai-based consultancy Z-Ben Advisors Ltd.
“Having a direct reporting line to Peng Zhao will certainly streamline the entire process which is not at all common,” he added. “I do expect more global groups to eliminate a few levels of management between those running a China business and the CEO.”
Tang left BlackRock around June to explore other opportunities after helping the company build its China asset management business over the past four years. Tang previously served as CEO of the international business of investment bank GF Securities and CEO of China Asset Management Company, one of the country’s largest asset managers.
Tang held a number of senior roles at the Chinese Securities Regulatory Commission from 2009 to 2014.
(Updates with consultancy comments in seventh and eighth paragraphs)
