In a sign of how important private banks are seen as a distribution channel in Asia, BlackRock has create a new post to market its wares to this segment in the region.

BlackRock, the world’s biggest asset management firm with $4.594 trillion of assets, has brought in a former UBS wealth management CEO in China to help distribute its wares to private banks in Asia-Pacific, it said today. The position is a newly-created one, a spokesperson for the firm told WealthBriefing today.

Tan-Yuan Kueh has been named by the US-listed firm as head of private bank business and strategic client development, Asia ex-Japan, effective 7 August. 

She will be based in Hong Kong and will report to Damien Mooney, head of Asia ex-Japan retail business.

“Tan’s knowledge and experience in the private banking industry add significant strength and depth to our Asian retail and wealth advisory business,” Mooney said.

She joins BlackRock from UBS Securities where she was chief executive for wealth management for China. She was with UBS for three years and Macquarie Group for 10 years prior to that, working in its New York, Sydney and Beijing offices.

The US wealth management titan clearly sees the Asia-Pacific wealth management market as an important conduit for its products, given the rapid growth of high net worth individuals - and their wealth - in the region.

In its latest quarterly results, BlackRock said it generated 4 per cent annualized organic growth and garnered $38 billion in long-term net inflows for new business during the first quarter through platforms such as ETFs, alternatives, retirement, outcomes and solutions. It also saw $250 million in repurchases of quarterly shares. Its standout investment was its iShares division, with flows of $30.4 billion during the second quarter of 2014.