JP Morgan Asset Management is ringing changes at the top in Taiwan, where it is among the leading foreign fund houses by assets under management.
Judy Shih stepped down as head of the business on June 28 after 15 years with the firm in Taiwan, amid reports that she had violated internal company policies, which the company has denied. AsianInvestor could not ascertain her next destination.
After a transition period, Shih will be replaced by Eddy Wong as chairman, country head and chief executive. He has been Hong Kong country head and head of Hong Kong and China funds since 2015.
Meanwhile, Henry Tong will come in to head the Taiwan intermediary business. He was previously Hong Kong-based head of China intermediary business. Miranda Mou, formerly executive director on the China retail team, will replace Tong.
JP Morgan said Elisa Ng, previously head of the Hong Kong intermediary business, had taken over Wong's role. It did not comment on whom Tong had replaced in Taipei.
In a statement, the firm said: “There have been inaccurate reports suggesting that Judy Shih stepping down relates to her violation of internal company policies. This is speculative and absolutely false. As a matter of policy and respect for personal privacy, the firm does not comment on individual employment matters."
It added: “No portfolio managers, investment professionals or analysts are impacted by these personnel changes and our client service and offering remains the same."
As of August 31 last year, JP Morgan AM was the second biggest foreign fund house in Taiwan by AUM, after AllianceBernstein, according to Taipei-based Keystone Intelligence.
JP Morgan AM is the only foreign firm to have won an award giving it improved access to Taiwan’s funds market in all four years that such privileges have been handed out. The awards are decided on the basis of a company’s level of commitment to the local market.
They are part of the local Financial Services Commission’s ‘deep-cultivation plan’, which it started in 2013 to encourage stronger commitment to the local investment industry by overseas asset managers.
* This story has been updated with a response from JP Morgan on who would replace Wong