Fidelity International will today announce the arrival of KP Luk as head of institutional business for Hong Kong. He will report to Kerry Ching, managing director for Hong Kong, and work closely with the regional institutional team headed by Carlo Venes.

Conrad Cheng was the last person to hold Luk’s post, but he left the asset manager some months ago to join Lippo Investment Management. Fidelity spokeswoman Megan Aitken says the new post is a more strategic, expanded role.

Luk previously spent 16 years at Schroder Investment Management in Hong Kong, most recently as head of institutional clients. He began his career there in 1994 as a portfolio manager’s assistant and held a number of client service roles before moving to sales-based roles.

The hire comes after an eventful year for Fidelity following the departure of Asia head Chris Ryan in October and Asia-Pacific head of institutional sales Julie Koo earlier this year.

Schroders did not reply to requests for comment by press time on whether Luk has been or would be replaced.

Fidelity International, an affiliate of US-based Fidelity Investments, provides investment products and services to individuals and institutional investors outside the Americas. It manages $215.9 billion in assets (as at March 31).