Lazard Asset Management has hired the former Asia head of institutional sales at rival firm Capital International, which has also seen other recent departures.

Shen Tan started at Lazard AM on May 7 as a managing director in Hong Kong to oversee business development for both institutional clients and distribution partners.

Charmian Wan had previously headed business development and marketing in the region before leaving to join alternative asset manager Man Group in December as Asia head of institutional sales.

Shen Tan

Ada Zhang, Singapore-based director of institutional business at Capital, has been promoted to replace Tan, a spokeswoman for the firm told AsianInvestor.

Tan, whose remit excludes Australia and Japan, reports to Nathan Paul, chief business officer at New York-based Lazard AM, which had $226 billion of assets under management (AUM) as of March 31.

Tan was head of Asia ex-Japan institutional business at Capital for less than a year, having joined on June 1, 2017.

He has also worked in business development for Hong Kong-based Income Partners Asset Management, Pyramis Global Advisors, Deutsche Asset Management and Schroders.

CHANGES AT CAPITAL

Other recent departures from Capital include Michelle Han, formerly Asia head of marketing, and Christian Leger, formerly business development director covering wholesale clients.

Ada Zhang

Han joined UK asset manager Schroders last month as Asia-Pacific head of marketing; her regulatory licence at Capital ended on April 30.

Capital is recruiting a replacement for Han, and David Cowdell, managing director for marketing for Asia and Europe, is providing leadership support in the interim, said the spokeswoman.

Leger has returned to his native Switzerland to become head of Swiss retail and wholesale business at Allianz Global Investors in Zurich, effective last month. His licence with Capital ended on March 31.

“We will announce his replacement when the time is right,” the spokeswoman said.

Capital Group’s AUM in Asia has grown around 50% to $20 billion from $13 billion since the start of 2017, said the spokeswoman. Its global AUM totals $1.7 trillion.

The firm has been working on building a retail business in Asia in the past few years, including registering funds for sale in Hong Kong. This is in line with its strategy outlined to AsianInvestor by then chairman Jim Rothenberg in June 2015, who passed away in July the same year