BlackRock has appointed Susan Chan as head of Asia Pacific (Apac), and named Andrew Landman and Hiroyuki Shimizu as deputy heads of Asia Pacific, effective immediately, according to a January 13 media release from the New York-headquartered global investment firm.
Based in Hong Kong, Chan will be responsible for leading the Apac region and overseeing business, client, investment and operational platforms serving wealth and institutional investors via BlackRock’s active, index, ETFs, alternatives and technology offerings.
Chan (pictured), previously served BlackRock as deputy head of Apac, head of Greater China, and head of trading, liquidity & lending for Apac. She succeeds Rachel Lord, who is relocating to London and is taking on the role of BlackRock’s head of international.
Chan joined the firm in Hong Kong in 2013 as head of iShares capital markets and products for Apac, before becoming head of ETFs and Index Investing, a role she held until 2021. Chan also sits on BlackRock’s global executive committee, as well as the global markets committee and the firm’s Apac executive and steering committees.
Landman, in addition to leading teams in Australia and New Zealand markets, in his role as head of Australasia, will expand his role to oversee Southeast Asia (SEA) and the Apac wealth business. Shimizu will continue to lead BlackRock’s Apac institutional business, while expanding his remit to cover Taiwan, in addition to Japan and South Korea. Apac head of wealth James Raby will take on the role of chief operating officer for Apac.
Hua Fan has also become head of China to lead BlackRock's majority owned joint venture with China Constructions Bank, BlackRock CCB Wealth Management. Fan joined BlackRock CCB Wealth in 2022 and has previoulsy wokred as chief investment officer for China Merchant Bank's wealth management subsidiary. In another move in China, Jim Zhang has been named as general manager, BlackRock CCB Wealth Management. Zhang has been a key member of the China leadership team for eight years.
Chan said: “I’m excited and honoured to lead the talent, ambition and excellence of BlackRock in Asia Pacific. My leadership team and I are sharply focused on accelerating the momentum in the region to achieve the best investment outcomes for our clients."
"This requires a thorough understanding of their needs, along with the ability to connect them to new and differentiated investment opportunities across our entire platform. Their success is our top priority," Chan added.
GIP deal
Last week BlackRock agreed to acquire Global Infrastructure Partners (GIP) for around $12.5 billion, in a move which will see BlackRock expand its energy, transportation and digital infrastructure portfolios. In Apac, New York-headquartered GIP has offices in Hong Kong, Mumbai and Sydney, and has investments in the likes of Sydney Airport and the Port of Melbourne.
BlackRock will pay $3 billion of cash and about 12 million shares, worth about $9.5 billion at the close on January 11, and the deal is expected to close in the third quarter of 2024. If the deal is successful, Adebayo Ogunlesi, GIP’s chairman and chief executive officer, will join BlackRock’s board and global executive committee.
The acquisition of GIP, which manages $100 billion, is the largest deal in over a decade for BlackRock, and will take BlackRock's overall infrastructure pool to over $150 billion.
“Infrastructure is one of the most exciting long-term investment opportunities, as a number of structural shifts re-shape the global economy. We believe the expansion of both physical and digital infrastructure will continue to accelerate, as governments prioritise self-sufficiency and security through increased domestic industrial capacity, energy independence, and onshoring or near-shoring of critical sectors," said Larry Fink, BlackRock chairman and CEO, in a January 12 release announcing the deal.
"Policymakers are only just beginning to implement once-in-a-generation financial incentives for new infrastructure technologies and projects,” added Fink.
