US fund house Invesco has moved to hire industry veteran Terry Pan from rival JP Morgan Asset Management as CEO for Greater China, Singapore and Korea, AsianInvestor can reveal.
Pan officially started at Invesco on February 2, according to online records lodged with Hong Kong’s Securities and Futures Commission.
He comes in as a direct replacement for Desmond Ng, who quit Invesco as Greater China CEO last September to join Allianz Global Investors, as reported.
Ng landed at Allianz GI last October as CEO for Greater China and Southeast Asia as well as head of institutional business for Asia Pacific.
Ng’s vacant role at Invesco had been temporarily filled by Asia-Pacific head Andrew Lo. While a company spokesperson confirmed that Pan was a direct replacement for Ng, he has responsibility for more markets and so has a wider remit.
A spokesman for JP Morgan Asset Management told AsianInvestor that Pan left the firm at the end of last month, having served as head of its Hong Kong business and China QDII funds business for the past seven years. His primary responsibility was fund distribution.
The spokesman added that Pan had already been replaced by Eddy Wong, who has been named head of JP Morgan AM's funds business for Hong Kong and China retail. He was head of intermediary business previously and is taking on additional responsibilities.
Pan is an old hand at JP Morgan Asset Management, having spent two stints with the firm. He first joined in 1994 and held role across various functions including client advisory services, investment communications and marketing.
He left the firm in 2000 to work as vice-president of sales Pacific Century CyberWorks’ online broker 2cube Securities.
But he rejoined JP Morgan AM in 2003 as head of intermediary sales. He was later promoted to head of retail business in Hong Kong and Macau, a position he held for four years.
Since 2007 he has served as head of JP Morgan AM’s Hong Kong and China qualified domestic institutional investor (QDII) business.
Additionally, in October last year Pan was named vice-chairman of the Hong Kong Investment Funds Association, where he works alongside chairman Bruno Lee of Fidelity Investment Management.