Bing Ji was named general manager of BlackRock’s newly launched wealth management joint venture in Shanghai, BlackRock CCB Wealth Management, a spokeswoman confirmed Friday.
Mr. Ji was head of BlackRock’s China institutional client business, based in Guangdong.
Monica Chan, BlackRock’s Hong Kong-based head of China client business, will replace Mr. Ji on the institutional client business side, the spokeswoman said. Further details on her role were not immediately available.
On Wednesday, BlackRock said that the joint venture it unveiled last August with a subsidiary of China Construction Bank and Singapore investment company Temasek had garnered regulatory approval to start operations.
Temasek had S$306 billion ($214.6 billion) in assets as of March 31, 2020.
BlackRock said it holds a majority 50.1% stake in BlackRock CCB Wealth Management. CCB Wealth Management Co., a wholly owned unit of China Construction Bank, has 40% and Temasek holds the remaining 9.9%.
The joint venture “will draw on BlackRock’s expertise in investment and risk management, as well as China Construction Bank’s client base and national distribution network to meet Chinese investors’ demand for diversified asset management solutions and support the development of the local wealth and asset management industry,” the release Wednesday said.
Temasek, meanwhile, will contribute “its experience and strengths to deliver long-term value” for the joint venture’s development, the news release said.
Laurence D. “Larry” Fink, BlackRock’s chairman and CEO, in the news release said, “We are committed to investing in China to offer domestic assets for domestic investors and look forward to creating a better financial future for more people.”