Wayne Shum has left Mercer Investment Consulting to join Franklin Templeton in Hong Kong as deputy managing director and head of marketing and client service for the institutional business.
He reports to Thomas Duffy, executive vice president in Hong Kong at Franklin Templeton Institutional Asia (which also incorporates the acquired Fiduciary Trust). In part Shum's hiring is meant to fill the shoes of Serena Kwok, who left last year, but the role has been expanded, Duffy says.
"We wanted someone to handle both Hong Kong and the region," Duffy explains. Shum will coordinate with Jeon Yong-bae, who runs domestic won-denominated institutional business in Seoul, and with Madeline Ho, who is responsible for Singapore dollar-denominated business in the Lion City. Shum will oversee international currency business from institutions in those markets, as well as tackle India and Hong Kong institutions. He'll also work with the marketing teams in Japan, Australia and China.
Duffy says the firm may add one more person down the track after Shum has had time to come to grips with the business.
His departure does not leave Mercer completely in the lurch. The firm is bringing out Alan Flynn from its London office as director of investment consulting, who will lead the practice for North Asia. Flynn has been with the firm since 1997.
But Flynn's arrival was meant to bolster the existing team, so Shum's departure still leaves a gap. Shum has been with Mercer for nine years, arriving two years ago from Canada. He had reported to Mercer managing director Henry Wong, who says the firm intends to make a senior hire in Hong Kong soon.
Franklin Templeton maintains other business groups in Hong Kong in addition to the institutional team. Mark Browning oversees Hong Kong and Singapore's retail business, with David Chang handling day-to-day operations in Hong Kong, while Mark Mobius runs the emerging markets team from Singapore.