American asset manager BlackRock has appointed Nicholas Peach to serve as its new head of APAC markets and investments for iShares and index investments.

The appointment will take effect in May this year.

Peach, who joins from Goldman Sachs, will lead BlackRock’s APAC iShares markets and index investments team to deliver exchange-traded funds (ETFs), portfolios investment management and others.

Operating out of Hong Kong, Peach’s most recent position at Goldman Sachs was the head of APAC equities electronic services.

Before that, he worked as the head of algo development micro franchise strategy unit at Goldman Sachs.

BlackRock iShares and index investments global CIO Samara Cohen said: “I am delighted to welcome Nicholas to lead the Apac iShares markets and index investments team in its next stage of growth.

“Nicholas’s deep understanding of client needs and market structure in Asia Pacific will be a powerful addition to accelerating the team’s core mission of continuing to deliver superior market quality ETFs to investors of all types in the region and beyond.”

Peach’s appointment comes after BlackRock was reportedly weighing options to layoff around 500 people to increase its profit.

BlackRock iShares and index investments head for APAC Peter Loehnert said: “Nicholas’s experience as a highly collaborative leader of teams across Asia Pacific will serve us well in our work of driving initiatives that support the evolution of our platform and the regional ETF ecosystem.

“In turn, our clients will benefit from increased convenience, affordability, transparency and resilience of our iShares and index investments.”