BrazilBlackRock names ex-McKinsey partner Geraldine Buckingham head of APAC
Former McKinsey partner Geraldine Buckingham has been named as the new head of Asia Pacific for global investment powerhouse BlackRock.
Crossing in February next year from her current role as Global Head of Strategy for the world’s largest assets manager (which surpassed $6 trillion in assets under management earlier this year), Buckingham as the new chair and head of the Asia Pacific will oversee a concerted market push in what BlackRock’s Chairman and CEO Laurence D. Fink describes as one the investment firm’s most critical priorities.
“Geraldine has earned respect around the globe for her deep insights and understanding of our industry and our clients’ needs, particularly in Asia Pacific,” Fink said of the appointment. “She helped develop the firm’s long-term growth strategy for China, and has been a key voice in our strategy for retirement, wealth, alternatives and sustainable investing. Geraldine has the business expertise we need to drive our business forward.”
To be based out of Hong Kong, Buckingham replaces Ryan Stork, who will return to New York to take on the role of deputy global chief operating officer for the firm. Since joining from McKinsey & Company in 2014, where she was a partner in the management giant’s financial services practice based out of New York, Buckingham has also served in the position of Head of Americas Corporate Strategy for BlackRock, and is a member of the firm’s Global Executive Committee.
With a previously stated keen eye toward the Chinese market, Fink spoke more broadly about the Asia Pacific as a pivotal long-term key for the firm; “Asia-Pacific is one of BlackRock’s most critical priorities. Consistent with our approach around the world, we aim to have a truly local presence in Asia so we can respond to the unique needs, objectives, and cultures of our clients in each market,” the CEO said.
Currently, the region accounts for just 7 percent of the firm’s $6.4 trillion worth of assets under management, with BlackRock’s Asia Pacific operations spanning from Australia to India and including bases in Japan, Korea, Taiwan, Singapore, Hong Kong and China – the latter market projected by Oliver Wyman to see a near doubling in assets under management to $14 trillion by 2022 thanks to new local regulations, with global asset managers set to especially benefit.
“I feel privileged to have led such a strong team to deepen our penetration in this high-growth region, particularly in terms of onshore access to the China market,” outgoing APAC head Stork said of his departure. “I am now looking forward to taking on my new role to focus on how we can improve our global operating model, innovation and use of technology. As such, I take pleasure in the knowledge I will be continuing to contribute to the APAC growth story.”
Buckingham, who hails from Australia and holds both Bachelor of Medicine and Bachelor of Surgery (MBBS) degrees from Monash University along with an M.Phil in Comparative Social Policy from Oxford, said of her appointment; “I am thrilled to be taking on this new challenge and will maintain a sharp focus on current priorities, while capitalising on major growth opportunities to deliver the right mix of investment strategies for our clients.”
