Slowly but surely, BlackRock’s designs for its China push are falling into place.
Having recruited Mark McCombe from HSBC in Hong Kong to run Asia just 16 months ago, the world’s biggest asset manager this week has hired Wang Hsueh-ming (王學明), one of Goldman Sach’s top lieutenants in China, to head up its operations there.
Colombia is not a country that figures high on the radar screen of most global firms when it comes to the asset management business. The country’s pension funds, with $66bn in assets under management, are tiny compared to the $311bn in the regional powerhouse that is Brazil.
But small can be beautiful. Just ask BlackRock. The world’s biggest money manager by assets is setting up shop in Colombia following the unexpected – but significant – success of a local exchange traded fund (ETF) it launched last year.