US-based Capital Group has hired industry veteran Andrew Economos from JP Morgan Asset Management as senior vice-president of strategic solutions.

Based in Hong Kong, Economos started at the firm on May 2 and is responsible for institutional, private wealth and retail distribution for Capital’s business in Asia. He oversees delivery of investment solutions, cultivates client relationships and supports business development.

That means an expanded mandate for Economos, who previously served as managing director of asset management and Asia head of sovereign and institutional strategy at JP Morgan Asset Management.

Capital Group evidently has plans to build out in the region. It hired William Tan as vice-president of private wealth for Asia in February this year. Tan had previously worked as head of retail sales in Southeast Asia at Franklin Templeton Investments.

Sources indicate Capital is also seeking to make hires in both operations and investments in Asia, although a spokesperson for the firm declined an interview request from AsianInvestor.

But in a statement to announce the new appointment, Thomas Quantrille, head of Capital Group Asia, said Economos would play “a very important role in our management team as we grow our offering in Asia”.

Capital describes Economos’ new role as “newly created”. Mark Speciale was previously senior vice-president for Capital International until April 2012, having worked at the firm for over 11 years, according to his LinkedIn profile. It appears Economos has an expanded remit from that role.

Speciale subsequently moved on to become an adviser for Blue Rice Investment Management for four months before joining BNY Mellon Asset Management as head of institutional sales for Asia Pacific, as reported.

Capital Group was founded in Los Angeles in 1931. It had more than $1.3 trillion in assets under management globally as at the end of last year. It does not break out its Asia numbers.

The firm expanded to its first office outside the US (Geneva) in 1962 and started serving high-net-worth individuals in 1974. It opened its first Asian office in Tokyo in 1982 and now has a presence in Hong Kong, Singapore, Mumbai, Beijing and Sydney. It launched its first private equity fund in 1992.

A spokesman for JP Morgan AM confirms that Economos left the firm on April 30, adding that it is in the process of hiring a replacement.