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Eric Fu has stepped into a newly created role in the company, head of institutional business in Hong Kong and China. Taking FuÆs place as head of intermediary business for Hong Kong is David Mitchell, who was previously head of the companyÆs marketing team in South Korea. Cynthia Lin has taken on the role of QDII head after previously leading the companyÆs marketing team in Taiwan.
ôIn Hong Kong, we have been focusing on expanding the institutional business over the past few years,ö says Evan Hale, managing director for FidelityÆs Hong Kong, South Korea, Singapore, and China business operations. Fidelity is among the largest Mandatory Provident Fund (MPF) providers in Hong Kong.
Fu will be responsible for the sales and relationship management of FidelityÆs defined benefit and defined contribution clients in Hong Kong. Fu joined Fidelity in 2000 as head of its retail sales team. He became head of intermediary business in 2003. Fidelity credits him as being instrumental in building partnerships with more than 100 distributors in Hong Kong, including all major retail banks and insurance companies.
Meanwhile, Fu will also oversee the expansion of FidelityÆs QDII business channel in China with the help of Lin.
ôWe are committed to develop and expand in the China market,ö Hale says, adding Fidelity has a representative office in Shanghai, an outsourcing company in Dalian, and is pursuing several QDII business opportunities.
Fidelity has more than 80 mutual funds available in Hong Kong, and all of which are available to Chinese investors via the QDII program, Hale says.
Fidelity manages around $291 billion worldwide, including around $42 billion in Asia ex-Japan.
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