FWD loses investment head to Eastspring
Eastspring Investments, the asset management arm of insurer Prudential Corporation Asia, has named Andy Yang to the newly created post of head of insurance relationship, based in Hong Kong.
He is leaving his previous role as group head of investment and asset-liability management at FWD, formerly ING’s Hong Kong insurance unit.
Starting in early June, Yang will oversee all aspects of the firm’s relationships with Prudential’s insurance businesses across Asia. He will report to Michele Bang, deputy chief executive of Eastspring, which manages around $105 billion, mainly sourced from Asia.
Yang will work with the heads of Prudential’s insurance businesses across the region to strengthen the relationship with what is Eastspring’s biggest institutional client. There was previously a team looking after these relationships, but the responsibilities will now be coordinated under Yang. He is tasked with driving broader engagement with the firm's insurance clients.
“The creation of this new senior role underlines the importance we place on our partnership with Prudential’s insurance businesses,” says Guy Strapp, CEO of Eastspring.
The firm's $105 billion in AUM comprises $38.5 billion managed on behalf of third-party retail and institutional clients, $58 billion run for Prudential’s Asia life insurance businesses and $8.1 billion managed on behalf of the rest of the Prudential Group
UK-headquartered Prudential has insurance businesses in 13 markets: Cambodia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam.
Yang's previous firm, FWD, is part of private investment firm Pacific Century, and its business spans Hong Kong, Macau, the Philippines and Thailand. It is thought he has not yet been replaced.
"We wish Andy well in his future pursuits," says FWD, but declined to comment on who would replace him.
Yang previously spent several years in leadership roles at ING Investment Management Asia Pacific These included head of investment process and business management for Asia, chief investment officer of the multi-asset division of ING Investment Korea and CIO of ING Life Taiwan.
He has also held roles with financial services organisations in Australia, Malaysia and New Zealand.