US fund house Invesco is seeking a replacement for its Greater China CEO Desmond Ng, who has resigned and is moving to a competitor, AsianInvestor can confirm.
Ng had worked at Invesco for more than eight years, having joined the firm in September 2006.
Senior industry sources have told AsianInvestor that Ng is moving to Allianz Global Investors to take up a senior role. The news is expected to be announced shortly.
Allianz GI already has Christina Hui in place as its Greater China CEO and chief marketing officer for Asia Pacific.
All the indications are that Hui is prospering at the firm and there is no suggestion she is departing. Instead it is understood Ng will be fitted into the team to work alongside Hui, reporting to Douglas Eu, Asia-Pacific chief executive for Allianz GI.
That would be a reunion of sorts, with Eu, Hui and Ng all having previously worked at former Hong Kong-based investment bank Jardine Fleming.
Ng had a role in product development and worked for Eu at that time. Jardine Fleming was sold to JP Morgan Chase in 2000.
Ng is now working out a period of gardening leave, having had his licence as a responsible officer for Invesco cancelled by the Securities and Futures Commission in Hong Kong on August 8.
A spokesperson for Invesco confirmed that Ng had resigned for personal reasons, while adding that he was still officially at the firm.
The company is seeking a replacement for Ng as Greater China CEO. Invesco’s Asia-Pacific chief executive officer, Andrew Lo, has taken up Ng’s responsibilities in the interim.