BlackRock Inc.’s head of China operations resigned, adding to the company’s challenges as competition intensifies in the 130 trillion yuan ($18 trillion) asset management market.

Tony Tang “expressed an interest in exploring opportunities outside BlackRock,” the company said in an e-mailed statement. Susan Chan, deputy head of APAC and head of Greater China, will now directly oversee business in the country as the world’s largest asset manager says it remains committed to the market.

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