Desmond Ng is joining Invesco in Hong Kong in a new position as head of institutional business, according to market sources.
Invesco confirmed it is hiring someone for the position but declined to confirm it is Ng.
A spokeswoman at JF Asset Management, however, says Ng is leaving. Ng ran institutional sales at JF and had reported to Douglas Eu, regional CEO. Both men have left; Eu has just joined Allianz Global Investors as regional CEO of its RCM business. Ken Tam stepped up to assume the CEO role at JF and now he will have to handle NgÆs sales duties as well.
The JFAM spokeswoman says Tam is using the opportunity to conduct a serious review of the firmÆs regional structure, and no decisions on replacements have been taken.
Andrew Lo, Asia-Pacific CEO at Invesco in Hong Kong, says the firm is filling a newly constituted position as head of institutional sales for Asia ex-Japan. This position will focus on Greater China, particularly to grow the firmÆs MPF and Orso business in Hong Kong, and exploit greater opportunities in China in tandem with InvescoÆs mainland funds joint venture, Invesco Great Wall.
The role is regional, however, and will also require building institutional business in Korea, Singapore and Taiwan.
The new position is partly to assume duties previously held by Kerry Ching, who recently departed the firm as Hong Kong CEO. Ching is expected to appear at another asset management company soon.
ChingÆs job had been a combination of running the Hong Kong business as well as some institutional marketing. Invesco has opted now to put all institutional sales responsibility in one role, while Lo will take over management of the Hong Kong office, which is similar to his existing job as regional CEO.
The new position is the culmination of a recent building drive at Invesco. Last month it hired Patrick Liu, previously sales director at Reuters, to cover Chinese institutions. And it hired Piau Lim from Vanguard in Singapore to head up institutional sales in Southeast Asia. LiuÆs position is new, while Lim is filling a vacancy stretching back to last year.