BlackRock Names Tomoko Ueda as Chief Operating Officer for Asia Pacific

BlackRock has expanded Tomoko Ueda’s role to include chief operating officer for Asia Pacific, as the world’s biggest asset manager continues to reconfigure its regional team.

Ueda joined BlackRock from Nikko Asset Management in 2022 and currently serves as APAC head of corporate strategy and development. With her appointment to regional COO, effective on 3 September, she succeeds James Raby, who is relocating to New York to lead global compliance, BlackRock said Thursday in a release.

Ueda reports to Susan Chan, the firm’s Hong Kong-based APAC head, and will move to Hong Kong from Tokyo for the new position. Chan hailed Ueda’s “exceptional leadership” in driving BlackRock’s regional growth initiatives to align with structural changes in the global economy.

“These market forces — be they digital disruption, demographic divergence, transition to a low-carbon economy or geopolitical fragmentation — are presenting us with opportunities to share our expertise and insights with clients and investors, as they rethink their portfolios to generate returns,” Chan said. “We are uniquely positioned to accelerate our momentum in this part of the world, and I’m confident Tomoko will have tremendous positive impact on our long-term success.”

Banking Background

Ueda spent nine years at Tokyo-based Nikko in leadership roles related to strategy and finance. Before that she had leadership roles serving clients in the investment banking operations of Morgan Stanley and Merrill Lynch in Britain and Japan.

BlackRock announced Chan’s promotion to APAC boss seven months ago after she previously filled the roles of deputy head of Asia Pacific and head of Greater China. She succeeded Rachel Lord, who relocated to London to assume the role of head of international.

The same January reshuffle saw Raby take on the APAC COO role, after having served as head of wealth in the region for about one year. Chan praised Raby as a “dedicated and passionate leader” as he heads to Manhattan.

“Beyond the direct impact he’s had on our business, he has mentored many of our young and talented professionals,” she said. “On behalf of everyone in the BlackRock Asia Pacific team, I wish to thank James for his great partnership over the past three years and wish him every success in the new role.”

New Beginnings

The year 2024 has hit refresh on BlackRock’s front bench, with the firm’s global head of infrastructure and real estate, Anne Valentine Andrews, having left the company in March after nearly a decade to join Manulife Investment Management as global head of private markets.

Her departure came after head of Asia Pacific real estate John Saunders exited the company late last year, to be succeeded by Hamish MacDonald. Saunders quickly resurfaced in the newly created role of group chief investment officer at Hong Kong-listed Link REIT.

BlackRock’s assets under management hit a record $10.6 trillion in the second quarter, up $1.2 trillion year-on-year, according to the firm’s latest results release.