Fullerton Fund Management has brought in Vincent Chan from Schroders as co-head of multi-asset and promoted Ong Guat Cheng to run its fixed income team, AsianInvestor can reveal. The Singapore-based firm has also confirmed the hire of Ken Goh as its new head of equities.
All three new appointments will take effect on July 1, bringing the multi-asset team up to six. They will report to Patrick Yeo, Fullerton's chief investment officer.
Chan comes in as co-head alongside Gerard Teo, who has been promoted from head of strategy for multi-asset. Pranay Gupta left Fullerton earlier this year after becoming head of multi-asset in January 2016 as part of a push in this area. AsianInvestor could not ascertain his next destination.
Chan will focus on the wholesale channel (covering the retail, insurance and retirement segments) while Teo will focus on the institutional segment.
Fullerton, owned by state fund Temasek, had already been managing Asian and global multi-asset manadates, mostly for institutions, and Chan will help launch products for the wholesale business, a spokeswoman told AsianInvestor.
Competition has been fierce in Asia in the past year or so for multi-asset talent, with pay increases of up to 40% being awarded to attract specialists, according to headhunters. Other asset managers to have made senior recent hires in this space include Aberdeen, Allianz Global Investors and Franklin Templeton.
Meanwhile, Ong, who has been with Fullerton for 14 years, will retain her duties as lead portfolio manager of local-currency bond strategies. In her expanded role, she will lead the portfolio managers and analysts in Singapore and China. Yeo had previously been CIO and head of fixed income.
Choo Jee Meng, the previous head of equities, will take on the role of head of Asia equities and assist Goh in managing and leading the equities team, said the spokeswoman. Choo has been with Fullerton since the firm’s incorporation in 2003 and will retain his previous responsibilities.
Chan was previously Asia head of multi-asset product strategy at Schroder Investment Management and left the UK firm last month. Schroders has brought in Jason Yu from Standard Life Investments as North Asia head of multi-asset product and plans to hire a counterpart for South Asia.
Meanwhile Goh, prior to joining Fullerton, was chief executive of CIMB-Principal Asset Management’s Singapore office, regional CIO and head of equities (for Singapore, Malaysia, Thailand and Indonesia).
Before he joined CIMB-Principal in 2007, he held positions at APS Asset Management, MeesPierson Private Bank, Allianz Dresdner Asset Management and Philip Capital Management. He has also worked at Singapore sovereign wealth fund GIC.