American fund manager BlackRock Asia Pacific has named Geraldine Buckingham as the new chair of the business.

Currently the global head of corporate strategy at BlackRock, Buckingham will succeed Ryan Stork, who has been appointed as the deputy global chief operating officer.

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Buckingham will move from New York to Hong Kong to assume the new responsibility.

Both the appointments will be effective from February 2019.

BlackRock chairman and CEO Laurence Fink said: “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.

“Ryan and Geraldine have been two key architects of our strategy in the region. For nearly five years now, Ryan has helped deepen our presence in the region by leveraging our global capabilities while tailoring them to local needs.

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“With Ryan returning to New York, Geraldine will now drive forward our growth in the region and help us realise our longer-term ambitions of doing more for our clients that live in or want to invest in the region.”

Buckingham has been associated with BlackRock since 2014 and was instrumental in the development and implementation of the company’s long-term goals.

Earlier, she worked as a partner with McKinsey & Company’s financial services in New York.

Last month, BlackRock announced a net income of $1.22bn for the third quarter of 2018, a surge of 29% compared to $944m a year ago. The company manages around $6.4trillion in assets.