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New York is the $1.35 trillion fund's only office outside mainland China besides Hong Kong. CIC asked Bai Xiaoqing, who was in charge of some of its private equity investments from Beijing, to move to New York for the North America head role, the sources said, requesting anonymity because the move has not been publicly announced. U.S. authorities have been especially suspicious of investments originating from entities close to China's communist government, like CIC. CIC is also a significant investor in U.S. private equity funds, as so-called alternative assets comprise almost half of its portfolio. One of its most prominent investments has been a $2.5 billion Goldman Sachs Group Inc (GS.N) private equity fund aimed at investing in companies that can benefit from closer U.S.-China ties.

Persons: Bai Xiaoqing, Zhang Hong, Bai, Zhang, Peng Chun, Larry Fink, Milken, Echo Wang, Roxanne Liu, Kane Wu, Greg Roumeliotis, Edwina Gibbs Organizations: China Investment Corp, North America, CIC, Foreign Investment, American Enterprise Institute, Public, Goldman Sachs Group Inc, China -, China - U.S . Industrial Cooperation Fund, Britain, BlackRock Inc, BlackRock, China's Ministry of Finance, Industrial, Commercial Bank of China, U.S . Treasury, Thomson Locations: North, New York, China, Hong Kong, Washington, Beijing, United States, U.S, China - U.S, BlackRock

☆ Climate tech company Heirloom opens US commercial carbon capture plant
▼ + stars: | 2023-11-09 | by ( Peter Henderson | ) www.reuters.com time to read: +2 min

A piece of equipment called a distributor used to hold trays of limestone for capturing carbon is seen at the Heirloom Carbon Technologies facility in Brisbane, California, U.S. February 1, 2023. Direct Air Capture such as that used by Heirloom can secure the CO2, but it is not yet clear whether it can do so at a price that makes the technology practical. The new facility, which uses crushed limestone to capture 1,000 tonnes a year, is part of a ramp up that Heirloom says will cut costs. Current industry prices for carbon removal by direct air capture are around $600-$1,000 a tonne, one person familiar with the situation said. The Department of Energy is spending billions in grants to built Direct Air Capture demonstration hubs.

Persons: Nathan Frandino, Energy Jennifer Granholm, Peter Henderson, Marguerita Choy Organizations: REUTERS, U.S, Energy, Department of Energy, Occidental Petroleum, BlackRock Inc, Thomson Locations: Brisbane , California, U.S, California, San Francisco Bay, Tracy , California, Occidental's West Texas

☆ U.S. investors rebuff big oil climate shareholder resolutions
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

Netherlands-based activist group Follow This was created first to target Shell (SHEL.L) and subsequently expanded to file climate resolutions at other western majors including BP (BP.L), Exxon Mobil (XOM.N), Chevron (CVX.N) and TotalEnergies (TTEF.PA). According to the data published by it and investors, giant U.S. investors BlackRock (BLK.N), Vanguard, State Street (STT.N) and JPMorgan (JPM.N) all voted against the Follow This resolutions this year. "Investors hold the key to tackling the climate crisis with their shareholder voting power at Big Oil. Amundi, Allianz, and UBS use their voting power to mitigate the climate crisis,” said Follow This founder Mark van Baal. This mirrors big shareholder proxy voting firm Glass Lewis and ISS, which changed some of their recommendations for this year to the detriment of Follow This, including withdrawing support for the activist resolution at Chevron.

Persons: Morgan Chase, Mike Segar, France's, ”, Mark van Baal, Glass Lewis, Shadia Nasralla, Jan Harvey Organizations: Co, New York City, REUTERS, Companies Allianz, Big U.S, Shell, BP, Exxon Mobil, Chevron, BlackRock, Vanguard, State, JPMorgan, Paris, Britain's HSBC, HSBA.L, UBS, Germany's Allianz, Big Oil, Amundi, Allianz, Britain's, General, Exxon, ISS, Thomson Locations: New York, Big, Paris, Netherlands, Chevron's

Both changes to the process for designating a non-bank as a "systemically important financial institution," or SIFI, were proposed in April. Friday's vote reversed a Trump administration policy that regulators should police risky activities rather than single out individual firms. Under the revamped process, FSOC will identify potential SIFIs based on existing information and give the company a chance to respond. Similarly, the Managed Funds Association, which represents hedge funds, said non-banks do not pose the same risks as banks. "The guidance imposes a black box designation process that introduces uncertainty for market participants," said MFA President and CEO Bryan Corbett.

Persons: Brendan McDermid, Donald Trump, FSOC, Trump, Janet Yellen, Eric Pan, Bryan Corbett, Barack Obama, Ian Katz, Pete Schroeder, Chris Reese, Michelle Price, Richard Chang Organizations: Wall, REUTERS, WASHINGTON, Treasury Department, U.S . Federal, BlackRock, Bridgewater, Investment Company Institute, Association, MetLife, Inc, General Electric Capital Corporation, American International Group, Prudential Financial, Capital Alpha Partners, Carolina, Thomson Locations: New York, U.S, BlackRock, Bridgewater

(Reuters) - EquiLend Holdings LLC, the securities lending platform owned by 10 of the biggest Wall Street firms, including Goldman Sachs Group Inc and BlackRock Inc, is exploring a sale following settlement of a major collusion lawsuit, people familiar with the matter said. Euronext NV is one of the parties interested in EquiLend, one of the sources added. EquiLend generates 12-month earnings before interest, taxes, depreciation and amortization of more than $25 million, two of the sources said. One of the sources added that EquiLend may fetch about $700 million in a sale. Goldman Sachs, JPMorgan, Morgan Stanley and UBS agreed to pay $499 million last month to settle the lawsuit that accused them of conspiring to stifle competition in the stock lending market using EquiLend.

Persons: Amr Alfiky, Broadhaven, Morgan Stanley, EquiLend, Goldman Sachs Organizations: Reuters, EquiLend Holdings, Goldman Sachs Group Inc, BlackRock Inc, Trade Center, REUTERS, Broadhaven Capital Partners, Wall Street, Bank of America Corp, UBS Group AG, JPMorgan Chase &, JPMorgan, UBS Locations: Manhattan, New York City, U.S, EquiLend

NEW YORK, Sept 19 (Reuters) - Marketing automation company Klaviyo Inc (KVYO.N) secured a valuation of $9.2 billion in its initial public offering (IPO) on Tuesday, after pricing the share sale above its indicated range, according to people familiar with the matter. Klaviyo priced 19.2 million shares at $30 apiece, the sources said, requesting anonymity as the discussions are confidential. The company revised its indicated IPO price range from $25-$27 per share to $27-$29 per share on Monday. Reuters was first to report earlier on Tuesday that Klaviyo was considering pricing the IPO above its targeted range at $30 per share. Bloomberg News first reported about the IPO being priced at $30.

Persons: Klaviyo, Andrew Bialecki, Ed Hallen, ”, Goldman Sachs, Morgan Stanley, William Blair, Echo Wang, Anirban Sen, Timothy Gardner Organizations: Klaviyo Inc, Reuters, Bloomberg News, BlackRock Inc, Nasdaq, New York Stock Exchange, Citigroup Inc, Barclays Plc, Mizuho Financial Group, underwriters, Thomson Locations: U.S, New York

☆ Klaviyo valued at $9.2 billion after pricing IPO above range: Reuters
▼ + stars: | 2023-09-19 | by ( ) www.cnbc.com time to read: +1 min

Andrew Bialecki, CEO and co-founder of Klaviyo, poses for a portrait in Boston on Sep. 5, 2019. Marketing automation company Klaviyo Inc secured a valuation of $9.2 billion in its initial public offering (IPO) on Tuesday, after pricing the share sale above its indicated range, according to people familiar with the matter. Klaviyo priced 19.2 million shares at $30 apiece, the sources told Reuters, requesting anonymity as the discussions are confidential. The company revised its indicated IPO price range from $25-$27 per share to $27-$29 per share on Monday, according to Reuters. Reuters was first to report earlier on Tuesday that Klaviyo was considering pricing the IPO above its targeted range at $30 per share.

Persons: Andrew Bialecki, Klaviyo, Ed Hallen, Goldman Sachs, Morgan Stanley, William Blair Organizations: Klaviyo Inc, Reuters, Bloomberg News, BlackRock Inc, SoftBank Group, Nasdaq, New York Stock Exchange, Citigroup Inc, Barclays Plc, Mizuho Financial Group, underwriters Locations: Boston, U.S

NEW YORK, Sept 19 (Reuters) - Marketing automation company Klaviyo Inc (KVYO.N) secured a valuation of $9.2 billion in its initial public offering (IPO) on Tuesday, the company said, after pricing the share sale above its indicated range. Klaviyo said it priced 19.2 million shares at $30 apiece. It had raised its indicated IPO price range from $25-$27 per share to $27-$29 per share on Monday. Reuters was first to report that Klaviyo was considering pricing the IPO above its targeted range at $30 per share. Bloomberg News first reported about the IPO being priced at $30.

Persons: Klaviyo, Andrew Bialecki, Ed Hallen, ”, Goldman Sachs, Morgan Stanley, William Blair, Echo Wang, Anirban Sen, Dimpal, Timothy Gardner, Miral Organizations: Klaviyo Inc, Reuters, Bloomberg News, BlackRock Inc, SoftBank, Nasdaq, New York Stock Exchange, Citigroup Inc, Barclays Plc, Mizuho Financial Group, underwriters, Thomson Locations: U.S, New York, Bengaluru

☆ Marketing firm Klaviyo lifts IPO price range, targets $9 bln valuation
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

Sept 18 (Reuters) - Marketing automation company Klaviyo on Monday increased the proposed price range for its initial pubic offering (IPO) due this week, targeting a fully diluted valuation of up to $9 billion. Klaviyo said in a filing nearly 19.2 million shares would be sold in the IPO, priced between $27 and $29 each. The IPO, which is scheduled to price on Tuesday, is nearly 20 times oversubscribed because of investor demand, Reuters reported last week. A strong debut from SoftBank's Arm Holdings last week raised hopes of a rebound in the IPO market, but the lukewarm reception to Neumora Therapeutics (NMRA.O) has tempered some optimism. Klaviyo's hike comes after another IPO contender, Instacart, raised its price range on Friday.

Persons: Klaviyo, Instacart, SoftBank, Andrew Bialecki, Ed Hallen, Jaiveer Shekhawat, Nivedita Bhattacharjee Organizations: Reuters, SoftBank's Arm Holdings, Neumora Therapeutics, BlackRock Inc, Thomson Locations: U.S, Dealogic, Bengaluru

Klaviyo, which is seeking an $8 billion fully diluted valuation at the midpoint of its $25-$27 range, is in talks with its IPO underwriters about raising that range, the sources said. Klaviyo is the latest company to seek to raise its IPO price range. Grocery delivery app Instacart, which is also going public next week, raised its IPO price range on Friday to target a fully-diluted valuation of up to $10 billion. The chip designer floated on Nasdaq on Thursday at a $54.5 billion valuation and is now worth $65 billion, on a fully diluted basis. Grocery delivery app Instacart, which is also going public next week, raised its IPO price range on Friday to seek a fully-diluted valuation of up to $10 billion.

Persons: Klaviyo, Andrew Bialecki, Ed Hallen, Echo Wang, Anirban Sen, Diane Craft Organizations: Inc, underwriters, Arm Holdings, Nasdaq, BlackRock Inc, Thomson Locations: New York

☆ BlackRock voted against Glencore's climate progress report
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

A specialist trader works at the post where BlackRock is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 21, 2022. REUTERS/Brendan McDermid Acquire Licensing RightsCompanies BlackRock Inc FollowGlencore PLC FollowLONDON, Sept 6 (Reuters) - Major Glencore shareholder BlackRock Inc (BLK.N) was among investors to reject the mining giant's (GLEN.L) climate progress report at its annual meeting in May, citing inconsistencies, a voting disclosure page on the asset manager's website shows. BlackRock allows many clients to cast their own votes at companies' annual general meetings. The page also showed BlackRock did not back a shareholder resolution seeking more disclosure on progress in scaling back thermal coal production, which got 29% support, without saying why. But BlackRock in August reported a further decline in its support for shareholder resolutions on environmental and social themes, citing corporate progress on the areas and poorly crafted measures.

Persons: Brendan McDermid, Glencore, company's, Clara Denina, Simon Jessop, Josie Kao Organizations: BlackRock, New York Stock Exchange, REUTERS, BlackRock Inc, BIS, Thomson Locations: New York City, U.S, Paris

A panel of judges in the District of Columbia Court of Appeals in Washington said the securities regulator's denial of Grayscale's proposal was arbitrary and capricious because the SEC failed to explain its different treatment between bitcoin futures ETFs and spot bitcoin ETFs. CRYPTO WINThe SEC rejected Grayscale's application for a spot bitcoin ETF in June 2022, arguing the proposal did not meet anti-fraud and investor protection standards. The court said in its ruling that the SEC failed to explain why it disagreed with Grayscale's assertion that the bitcoin spot and futures markets are 99.9% correlated. If the SEC chooses not to appeal, the court would issue a mandate specifying how its decision should be executed. That could include instructing the SEC to approve the application, or to revisit Grayscale's application, in which case the SEC could still reject the proposal on other grounds.

Persons: Dado, CRYPTO, Judge Neomi Rao, Hannah Lang, Chris Prentice, Paul Simao, Matthew Lewis Organizations: REUTERS, WASHINGTON, U.S . Securities, Exchange, District of Columbia, SEC, CRYPTO WIN, Fidelity, Appeals, U.S, Supreme, BlackRock, New, Thomson Locations: District, Washington, New York

☆ Vanguard joins BlackRock, cuts support for shareholder items on climate, social issues
▼ + stars: | 2023-08-28 | by ( Ross Kerber | ) www.reuters.com time to read: +2 min

The logo for Vanguard is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 1, 2022. Support for shareholder resolutions calling for such steps has declined at U.S. companies this year, with top asset manager BlackRock saying it backed the mostly-advisory measures just 7% of the time, down from 22% last year. Like BlackRock, Vanguard noted new securities regulations that make it harder for companies to leave questions off their ballots. In a note on its website, Vanguard also said many resolutions sought changes that might not be needed. Like BlackRock, Vanguard did not address how the criticism may have shaped votes this year but said its approach to evaluating shareholder proposals "has been consistent over time."

Persons: Brendan McDermid, Ross Kerber, Diane Craft Organizations: Vanguard, New York Stock Exchange, REUTERS, U.S, BlackRock, Thomson Locations: New York City, U.S, Pennsylvania, BlackRock

B REUTERS/Shannon Stapleton/File Photo Acquire Licensing RightsCompanies BlackRock Inc FollowAug 23 (Reuters) - Top asset manager BlackRock on Wednesday reported a further decline in its support for shareholder resolutions on environmental and social themes, citing corporate progress on the areas and poor crafting of the measures by filers. In an annual stewardship report being released with the end of the 12-month corporate annual meeting cycle on June 30, New York-based BlackRock said it supported 7% of 399 shareholder proposals on environmental and social issues. In the newest report BlackRock said many of the measures called for changes that would not be helpful to companies in its funds. Data has previously shown investor support slipping for many resolutions, and as companies strike compromises with activists. BlackRock has been under fire from conservative U.S. politicians who say it has over-emphasized sustainability issues, citing past proxy votes.

Persons: Shannon Stapleton, BlackRock, Ross Kerber, Isla Binie, Simon Jessop, Sonali Paul Organizations: REUTERS, BlackRock, filers, Thomson Locations: BlackRock, New York, U.S, Boston, London

☆ India's Reliance expects to soon list shares of its financial unit
▼ + stars: | 2023-08-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Shailesh Andrade/File PhotoNEW DELHI, Aug 6 (Reuters) - Reliance Industries Ltd (RELI.NS) hopes to soon list shares of its financial services unit, Reliance Jio Financial Services Ltd, to unlock value for shareholders, the company said in its annual report. A listing date for Jio Financial Services is widely expected to be announced at Reliance's forthcoming annual general meeting. Ambani said Jio Financial Services wants to provide simple, affordable and innovative digital first solutions. "Jio Financial Services along with its subsidiaries will leverage the technological capabilities of Relianceand digitally deliver financial services, democratising access to financial services offerings for Indian citizens," he said. Reliance has offered its shareholder one share of Jio Financial Services for one share of Reliance.

Persons: Shailesh Andrade, Mukesh Ambani, Ambani, Nidhi Verma, Giles Elgood Organizations: Reliance Industries, REUTERS, Reliance Industries Ltd, Reliance, Financial Services Ltd, Financial, Jio Financial Services, Financial Services, BlackRock Inc, Thomson Locations: Mumbai, India

☆ India's Jio Financial Services, BlackRock to launch asset management venture
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Anushree Fadnavis/File PhotoMUMBAI, July 26 (Reuters) - India's Jio Financial Services (JIOF.NS), part of billionaire Mukesh Ambani led Reliance Group, and U.S.-based BlackRock Inc (BLK.N) will form a 50:50 joint venture to launch asset management services in India. The two companies are targeting an initial investment of $150 million each in the joint venture, Jio Financial said in a statement on Wednesday. The announcement comes days after Jio Financial Services was demerged from Reliance Industries, with the markets ascribing a valuation of nearly $20 billion to the venture which is yet to build out a business in India's fast growing financial services sector. India's asset management industry has seen rapid growth in recent years and has 44.3 trillion Indian rupees ($540.4 billion) in assets under management. The joint venture will launch a "digital-first" offering following regulatory approvals, said the statement, without giving a timeline within which it plans to begin operations.

Persons: Anushree, Mukesh Ambani, Hitesh Sethia, Larry Fink, AngelOne, Ira Dugal, Kirsten Donovan, David Evans Organizations: Mobile, REUTERS, Financial, Reliance Group, BlackRock Inc, Jio, Jio Financial, Reliance Industries, Group, BlackRock, Jio Financial Services, Thomson Locations: Pragati, New Delhi, India, MUMBAI, U.S

☆ BlackRock's ESG backlash looms over Larry Fink's legacy and succession
▼ + stars: | 2023-07-18 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +11 min

"BlackRock has posted industry-leading organic growth over the last year while most of our competitors are experiencing persistent outflows," a company spokesperson told Insider. I criticize the way they defended it," Seifert told Insider. "Given no mortal can fill Larry's shoes, there is a high risk they pick some Jeff Immelt equivalent," Keeley told Insider. Fink chose to make his letters public, which leads to concerns that Fink wrote them as a PR exercise. However, the most effective engagement is typically private," Edmans told Insider.

Persons: Larry Fink, It's, Fink, hasn't, Larry, BlackRock, BlackRock's, Terrence Keeley, —, it's, Ron DeSantis, GIORGIO VIERA, Erik McGregor, Keeley, They're, Cathy Seifert, Seifert, Rob Kapito, Mark Wiedman, Martin Small, Rachel Lord, Susan Wagner, Jack Welch, Jeff Immelt, Welch, Electric's, Immelt, Tim Buckley, Abby Johnson, Ron O'Hanley, Jamie Dimon, Alex Edmans, Edmans, Michael M, he's, I've, Rob Organizations: BlackRock, Republicans, GOP, Bloomberg, CNBC, Florida Gov, Getty, UBS, Environmental, CFRA Research, Company, JPMorgan, Citi, GE, Vanguard, Fidelity, London Business School Locations: BlackRock, Texas, Florida, Fink

July 14 (Reuters) - BlackRock Inc (BLK.N), the world's biggest asset manager, handily beat second-quarter profit estimates but showed a slowdown in money inflows, sending shares down about 2%. Net inflows for the quarter were $80 billion, down from $89.6 billion a year ago and $110 billion in the first quarter, amid heightened economic uncertainties. "The firm's flow mix remains skewed toward lower fee strategies, which continue to weigh on organic base fee growth," Goldman Sachs said in a note to clients. Citigroup described the results as "a bit of a mixed quarter," given BlackRock's profit beat but lower-than-expected inflows. Shares in BlackRock are up 2.85% this year, underperforming the S&P 500 index (.SPX), which is up almost 18%.

Persons: Refinitiv IBES, Kyle Sanders, Edward Jones, Goldman Sachs, BlackRock, Larry Fink, Fink, Martin Small, Jaiveer Singh, Chizu Nomiyama, Mark Potter, Anna Driver Organizations: BlackRock Inc, BlackRock, Citigroup, CNBC, Thomson Locations: New York, BlackRock, Bengaluru

July 14 (Reuters) - BlackRock Inc (BLK.N) on Friday beat second-quarter profit estimates, as investors continued to pour money into its various funds on the back of a rally in markets after a bruising start to the year. Net inflows for the quarter for BlackRock were at $80 billion, down from $89.6 billion a year ago. The company's adjusted profit of $9.28 per share leapfrogged analysts' estimates of $8.46, according to Refinitiv IBES. Fink in an investor event last month said that he is not planning to leave the asset manager "any time soon". Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Maju Samuel and Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Kyle Sanders, Edward Jones, Refinitiv IBES, Larry Fink, Fink, Jaiveer Singh, Maju Samuel, Chizu Organizations: BlackRock Inc, The, Revenue, BlackRock, Securities, Exchange, Thomson Locations: The New York, BlackRock, Bengaluru

☆ Analysis: New anti-ESG rule in Missouri offers US Republicans another path away from 'wokeness'
▼ + stars: | 2023-07-10 | by ( Ross Kerber | ) www.reuters.com time to read: +6 min

Ashcroft acted after Republican lawmakers failed to pass a similar measure during the state's legislative session that ended on May 12, amid infighting over which bills should be prioritized. Concerns over costs, bureaucracy and economic fallout led to bills stalling or passing in weakened form even in so-called red states, where Republicans dominate state government. Several corporate attorneys said other Republican officials may adopt Ashcroft's playbook and act on their own. According to a spokesperson, Ashcroft initiated the rulemaking before the legislative session began, essentially as a backup plan in case lawmakers did not act on the same idea introduced in January. EXTRA ARROWSFinancial executives who so far have avoided the strongest laws worry that the possibility of executive or administrative actions, as in Missouri, gives state officials flexibility to keep up the pressure.

Persons: Shannon Stapleton, Walt Disney, Missouri's, John " Jay, Ashcroft, Ashcroft's, Beth I.Z, Boland, Lardner, Larry Fink, Dan Mehan, Lance Dial, Chuck Gray, West, Ron DeSantis, Ross Kerber, Greg Roumeliotis, Anna Driver, Matthew Lewis Organizations: REUTERS, Walt, Republican U.S, Merriam, Webster, Strategy, Foley, Republicans, Morningstar, BlackRock, Reuters Graphics, Reuters, state's, Representatives, Republican, Missouri Chamber of Commerce, Missouri, Florida, Thomson Locations: Appleton City , Missouri, U.S, Missouri, Boston, BLK.N, Wyoming, ESG

☆ Nasdaq refiles BlackRock's bitcoin ETF application with SEC
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

July 3 (Reuters) - Nasdaq (NDAQ.O) refiled an application with the U.S. securities regulator to list an exchange-traded fund by BlackRock Inc (BLK.N) that will reflect the price of bitcoin to add additional details, according to a filing made public on Monday. The move comes after the regulator reportedly had concerns over the initial filings by Nasdaq as being unclear and incomplete. According to Cboe's Fidelity bitcoin ETF filing, the company's platform represented roughly half of U.S. dollar-bitcoin trading in May. The SEC has rejected dozens of spot bitcoin ETF applications in recent years, including one from Fidelity in January 2022. Reporting by Jaiveer Singh Shekhawat in Bengaluru and John Mcrank in New York; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Coinbase, Jaiveer Singh, John Mcrank, Shailesh Organizations: Nasdaq, BlackRock Inc, U.S . Securities, Exchange Commission, SEC, Global Inc, Fidelity, ., Thomson Locations: Manhattan, Bengaluru, New York

☆ BlackRock's China head Tang leaving the company
▼ + stars: | 2023-06-06 | by ( Selena Li | ) www.reuters.com time to read: +1 min

HONG KONG, June 6 (Reuters) - BlackRock Inc's (BLK.N) head of China business, Tony Tang, is leaving the asset manager, the company said on Tuesday, after having played a key role in expanding operations in the world's second-largest economy. Susan Chan, BlackRock's deputy head of Asia Pacific and head of Greater China, is now directly overseeing its China onshore business, the company said. "China represents a significant opportunity for BlackRock to contribute to the financial futures of a new generation of investors," the company said. Tang, a former Chinese securities regulatory official, started as BlackRock's China business head in 2019, and has been one of the top aides to CEO Larry Fink. During Tang's tenure as China head, BlackRock established a wholly-owned China fund management unit and a joint venture with China Construction Bank and Temasek offering wealth management services to Chinese investors.

Persons: Tony Tang, Tang, Susan Chan, BlackRock's, Chan, Larry Fink, Selena Li, Kim Coghill, Edmund Klamann Organizations: BlackRock, Asia Pacific, China Construction Bank, Temasek, Thomson Locations: HONG KONG, China, Greater China, New York

☆ Morning Bid: Are we there yet? Market holds breath for debt ceiling deal
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in European and global markets from Ankur BanerjeeNervousness in the market over the looming U.S. debt ceiling deadline prevailed through the Asian hours and will remain the main focus for investors as Europe wakes up. McCarthy, the speaker of the House of Representatives, told reporters the two sides remained far apart on an agreement. But he said, "It is possible to get a deal by the end of the week. European markets are set for a lower open, with traders waiting for April inflation data for the eurozone. Japan's economy emerged from recession and grew faster than expected in the first quarter as a post-pandemic consumption rebound offset global headwind.

☆ BlackRock to call staff back to office at least four days a week - memo
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - BlackRock Inc (BLK.N), the world's largest asset manager, has asked its staff to return to office at least four days a week, according to an internal memo seen by Reuters. "We will shift to at least four days per week in the office, with the flexibility to work from home one day per week," the memo said. The New York-based asset manager joins other major Wall Street firms in changing its work-from-home policy as financial institutions start to look beyond COVID-19-induced restrictions. Last month, J.P.Morgan Chase & Co (JPM.N), the United States' largest bank, asked its managing directors to work from office five days a week. J.P.Morgan CEO Jamie Dimon, along with Wall Street counterparts at Goldman Sachs Group Inc (GS.N) and Morgan Stanley (MS.N), has been a strong advocate of in-office work.

☆ BlackRock CEO Fink trains successors, with no imminent plan to retire -WSJ
▼ + stars: | 2023-05-13 | by ( ) www.reuters.com time to read: +1 min

May 13 (Reuters) - BlackRock Inc (BLK.N) Chief Executive Officer Larry Fink has been preparing five key leaders to take his role whenever he decides to step down in the future, the Wall Street Journal reported on Saturday. Though Fink has no imminent plans to retire, he along with President Robert Kapito has been training these candidates for "The Great Race" - to choose the successor - in what Fink calls is the "No. Fink told the newspaper he hoped to build camaraderie among the five, and not competition, so they will keep working together. BlackRock said it plans no major changes to the way it engages with companies. Reporting by Baranjot Kaur in Bengaluru; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

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