Charles Kwun, the former director of Bank of East AsiaÆs Mandatory Provident Fund (MPF) business in Hong Kong, has joined a new trustee provider, Orangefield Trust, as managing director.

Orangefield Trust is an incarnation of ING Trust, a global trust company based in Amsterdam that underwent restructuring last year. In July 2007 it was sold to a capital investment group, Foreman Capital, and to management, and renamed. It has offices in Aruba, Curacao, Luxembourg and Mauritius as well as Hong Kong and Amsterdam. It provides services to corporations and private individuals such as fiduciary and trustee work, structured finance and corporate legal services, and corporate management services.

KwunÆs role is regional, with a mandate to build business in Greater China. The firm is also looking to open an office in Singapore.

He says he joined because as a newly organised business, it offers more opportunity than BEAÆs MPF, which operates in a mature, saturated market. Orangefield will not be looking to get into the MPF market, and will instead focus on fresher opportunities, Kwun says.

Kwun led the establishment of BEAÆs MPF business from the very start of the regime in late 2000. Patrick Li, BEAÆs senior marketing manager for MPF, will now run the business for Bank of East Asia.