BlackRock Hires Ex-Goldman Executive for China Unit

BlackRock Inc. (BLK), the world’s largest asset manager, hired Hsueh-ming Wang, a former Goldman Sachs Group Inc. (GS) executive, to head its China operations as it seeks to expand in Asia.

Wang, who had been an advisory director at Goldman Sachs and chairman of Goldman Sachs Asset Management in China, will be chairman of BlackRock China, responsible for developing and executing the firm’s business strategy there, Bobbie Collins, a spokeswoman for the New York-based firm, said today in an e- mail. Wang will report to Mark McCombe, chairman of BlackRock’s Asia-Pacific operations.

Laurence D. Fink, chairman and chief executive officer of BlackRock, said during a conference call with analysts and investors in 2011 that the firm is interested in expanding in Asia and investor deposits there are “slower than we would like.” Fink hired McCombe in 2011 and last year hired Philipp Hildebrand, the former head of the Swiss central bank, to help expand relationships with institutional clients overseas.

Wang left Goldman in 2011, Edward Naylor, a spokesman for the firm in Hong Kong, said in an e-mail.

The Financial Times reported Wang’s appointment earlier today.

To contact the reporter on this story: Alexis Leondis in New York at aleondis@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net

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