The appointment of a new CEO and two other senior directors to head up its Singapore operations marks a renewed commitment from AIB Govett Asia to build its asset management business in the region.
In a wholesale purchase of a management team, the firm has hired three former CMG First State executives led by Kim Teo who will become the new CEO. Teo, who resigned as CEO of CMG earlier in the year, is joined by Kwok Keng Han who becomes director of marketing, and Patrick Fu who becomes director of business development. At CMG, Han was head of channel sales and business development, while Fu was director of finance and operations.
The three new recruits will join four existing directors in Singapore to spearhead the company's business development in the region.
The move heralds a general shift in AIB's Asian business to a hub in Singapore. More than $400 million of Japanese assets have been transferred to the new regional headquarters over the past few months, bringing the total funds under management by AIB in Singapore to S$1.4 billion.
Focused on the retail and institutional markets, Teo's remit includes strengthening the investment management capabilities of regional fund managers, building a client base and opening a network of regional offices. On a global level, AIB Asset Management invests over $13.5 billion for institutional and private clients.
Teo will be distributing global products to local clients and will institute a new investment management process developed for AIB by a team of US consultants. According to the group's chief executive, Noel McEvoy, the process allows AIB to "deliver superior risk-adjusted investment performance for clients on a consistent basis across all markets".