Capital Group, the Los Angeles-based asset management giant, has hired Shen Tan in Hong Kong to run its institutional business in Asia, excluding Japan and Australia, AsianInvestor can reveal.
Tan started as a managing director on June 1, joining from Hong Kong-based fund house Income Partners, where he was head of relationship management.
A spokeswoman for Capital said the role was newly created.
As managing director for Asia, Thomas Quantrille oversees regional distribution for both institutional and intermediary clients.
In the past, Capital Group’s relationship managers were responsible for both institutional clients and intermediaries, he told AsianInvestor by email. “As we continue to grow our franchise in Asia, we are streamlining our organisational structure to increase focus on institutional and financial intermediaries segments.”
Quantrille said Tan had joined as part of this transition. Tan reports to Stephen Gosztony, London-based senior vice president in the institutional business.
Andrew Economos had overseen institutional, private wealth and retail distribution as part of his remit when he worked at Capital from May 2014 to June 2016. He was not directly replaced in his role as senior vice-president of strategic solutions.
Elswhere in Asia Pacific, Paul Hennessy leads the institutional business in Australia. In Japan, Masaki Takada heads the pension fund business and Yasuyuki Migita oversees financial institutions.
Having had an institutional business in Asia for some time, in the past few years Capital Group has been looking to build out distribution via intermediaries in the region.
Capital Group is presumably keen to boost the $13 billion it manages on behalf of Asia-Pacific clients. That is a relatively small proportion (less than 1%) of its global AUM of $1.5 trillion compared to most of its international rivals.
Grant Leon, based in London, manages the financial intermediaries segment for Europe and Asia. Capital has four relationship managers in Hong Kong and Singapore managing these relationships.
Tan left Income Partners in late May after four years with the firm, which declined to comment on whether he'd been replaced.
Before that he was head of sales and relationship management at Pyramis Global Advisors, according to his LinkedIn page. He also worked in similar roles at Deutsche Asset Management and Schroder Investment Management.