By Rebecca Feng
Citadel Securities has hired Tony Tang, BlackRock’s previous China head, to run its China business, the U.S.-based brokerage and trading company said Monday.
Tang, scheduled to start in September, will be based in Hong Kong and travel regularly to the firm’s Shanghai office. He will report to Peng Zhao, Citadel Securities’ chief executive, and has been tasked with expanding the business in mainland China and working with clients and regulators.
Tang left BlackRock in June after running the world’s largest asset manager’s China business since 2019. He previously spent five years at Chinese financial institutions and has worked for the China Securities Regulatory Commission.
Citadel Securities has been expanding in Asia-Pacific, where its headcount has more than doubled to more than 250 employees in the past three years. The firm set up a unit in Shanghai in 2010 and is rebuilding its business in mainland China after being fined 670 million yuan ($93.7 million) in 2019 to resolve a regulatory probe into its trading practices around the 2015 Chinese stock-market crash. It currently has 10 employees in Shanghai, according to a person familiar with the matter.
In February, Citadel Securities’ Hong Kong subsidiary was designated a “qualified foreign institutional investor,” which allows the firm wider access to mainland China’s stock and bond markets.
Write to Rebecca Feng at [email protected]
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