First State Investments has hired two saleswomen to its North Asia distribution team in Hong Kong, including Deutsche Asset Management's former Hong Kong head of retail, AsianInvestor can reveal.
Gladys Chan joins from Deutsche AM as director of private bank distribution for North Asia and reports to Vivian Tang, head of distribution for North Asia. Chan takes up a newly created role, said a spokeswoman, but did not elaborate on whose remit her responsibilities had fallen under previously.
With 15 years of industry experience, Chan had joined Deutsche AM in October 2013. Deutsche did not respond by press time with comment on her departure.
She has also worked for Hong Kong asset manager Value Partners, Daiwa Capital Markets, Citibank and Standard Chartered Bank.
Bonnie Chun has been appointed as associate director for intermediary business and reports to Alex Tam, director of intermediary business. She has replaced another executive, but the spokeswoman did not identify the previous incumbent.
Chun will work with the distribution team to promote First State’s investment portfolio, strengthen existing relationships and further expand its intermediary channels in the region.
Prior to joining First State, Chun was a senior sales manager at Invesco Asset Management. Invesco did not comment by press time on her departure.
The two moves reflect the continued strong demand for private bank and intermediary sales staff in the region. Another recent move is Zal Devitre joining Schroders as Asia head of private banks and financial client group from Citibank, as first reported by AsianInvestor.
First State is the investment management business of the Commonwealth Bank of Australia.